Senate Deputy Minority Leader Risa Hontiveros on Thursday slammed the certification of the Maharlika Investment Fund (MIF) invoice as pressing.
In a press release, Hontiveros reiterated that there aren’t any surplus revenues for the federal government to create a sovereign wealth fund.
“The justification for the immediate passage of the Maharlika Fund is too convoluted and vague,” she mentioned.
“It is still being pushed despite the fact that there is nothing left of the income from the Malampaya oil and gas fields, and the law that would have raised the government’s income from opening mines has not yet been passed,” she added.
“Since there is no excess ‘wealth,’ they are now interested in taking the highly profitable funds of the Land Bank of the Philippines and Development Bank of the Philippines. This would be a huge loss to farmers and small businesses that cannot afford to loan from private commercial banks.”
The lawmaker mentioned the Marcos administration was utilizing the deteriorating situation of commerce and banks world wide as a pretext to go the MIF invoice instantly.
“However, this would necessitate the use of Bangko Sentral funds, which are our most reliable safeguard against peso depreciation, price increases, and loan interest rate increases,” she mentioned.
Further, Hontiveros mentioned Malacañang nonetheless “refuses to disclose” the place the funds will probably be allotted which she believes won’t go to unusual drivers and operators, onion farmers, and fisherfolk, or to the creation of recent energy vegetation.
“There’s nothing more urgent than prioritizing funding our social services, agriculture, transport sector, and energy sector. Maraming pamilyang Pilipino ang namamaluktot na sa maiksing kumot. We must not allow our economy to sink deeper because of unreasonable spending,” she mentioned.
On May 22, President Ferdinand “Bongbong” Marcos Jr. licensed Senate Bill 2020 or the MIF invoice as pressing.
In his letter, Marcos cited the necessity for large infrastructure initiatives to stimulate the economic system amid the downgrade of the worldwide progress projection this yr on account of debilitating inflation, fluctuating and unstable costs of crude oil and different gasoline merchandise as a result of ongoing battle between Ukraine and Russia, and the persevering with rate of interest hikes within the worldwide monetary sector.
“[T]here is a compelling need for a sustainable national investment fund as a new growth catalyst to accelerate the implementation of strategic and high-impact large infrastructure projects that will stimulate economic activity and development,” Marcos mentioned.
With the identical certification given to the Senate model, the chamber is now allowed to go it on remaining studying in someday.
SB 2020 is presently within the interval of interpellations. After this, senators can introduce amendments to the measure, which might then be handed on second and third readings.
Earlier within the day, Senate President Juan Miguel Zubiri mentioned they’d attempt to go the invoice subsequent week. —VBL, GMA Integrated News
Source: www.gmanetwork.com
