News Roundup 03 December 2022
Dec 03, 2022 • 4 min Read
Teachers’ group opposes, vows to block Maharlika Investment Fund bill | UNQUIRER.NET – The Alliance of Concerned Teachers (ACT) on Saturday slammed the proposed P250 billion Maharlika Investment Fund, which would source money from pension funds of the Government Service Insurance System (GSIS) and Social Security System (SSS). According to the House bil 6394, on top of sourcing money from GSIS and SSS, the Maharlika Investment Fund would also utilize money from the Landbank of the Philippines, Development Bank of the Philippines, and P25 billion from the national government. “For most of our productive years, working people live off on scant wages further deducted with pension funds, hoping that we will not go hungry upon retirement. How dare they suggest to wager our future to uncertainty and entrust our money to dubious hands, and with no stringent safety nets nor measures for accountability at that?” said ACT National Capital Region Union President Ruby Bernardo. Bernardo explained that the proposed fund is dubious, as it asked to be exempted from existing legal safeguards against corruption. Article VII of the proposed bill lists down the Maharlika Investment Fund’s exemptions and privileges, including being tax- exempt and immunities from the Government-owned or controlled corporations governance Act of 2011. “Gayong nakapataw ang mga batas na ito ay malaganap na ang pangungurakot sa kabang bayan, ano na lamang ang mangyayari sa pensyon namin kung wala ang mga proteksyong iyan?” asked Bernardo. (There is widespread corruption with such laws in place, what will happen to our pension if these protections are not there?) Bernardo added that public school teachers are the biggest GSIS contributors as government employees, and the teaching solon will reject and fight the proposed law. “Hindi kami papayag na mangyari ito, tututulan at lalabanan namin ang Maharlika Investment Funds hanggang tuluyang maibasura at madurog ang masamang planong ito,” said Bernardo (We will not let this happen, we will oppose and fight the Maharlika Investment Funds until it is completely trashed and this evil plan is dissolved.)
Fisherfolk to Marcos: Support local sciences instead of joint exploration with China | INQUIRER.NET – A progressive fisherfolk group urged the administration of President Ferdinand “Bongbong” Marcos Jr. to support local science, technology, and research before allowing China to use the country’s resources. This statement from the Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya) came after Marcos said that he was trying to overcome the roadblocks that surfaced during joint exploration talks with China, primarily the territorial dispute between the two countries in the West Philippine Sea. “In case Marcos is unaware, the Philippines has overwhelming intellectual human resources for research and development that have been long neglected of government support. But if concretely supported and promoted, we won’t be needing China or any other country to make use of our potential energy resources,” said Pamalakaya National Spokesperson Ronnel Arambulo. Pamalakaya also reiterated its stance against a joint exploration with China, as the group believes that no good can come from it. “Marcos should stick with upholding the arbitral ruling to assert our sovereign rights to China, instead of sweeping the issue under the rug. Moreover, the Marcos admin should support our local science and research industry for us to be capable of exploring and utilizing our very own resources,” stated Arambulo.
Another round of fuel price cuts seen next week | PHILSTAR.COM – The streak of price rollbacks across all fuel products is expected to continue next week. Cleanfuel said the running trend as of yesterday showed a possible reduction of P1.90 per liter in gasoline prices and a P2 per liter decrease for diesel. Department of Energy (DOE)-Oil Industry Management Bureau director Rino Abad also said in an interview with dzBB yesterday that there is strong indication that there will be a rollback next week even just with four trading days completed so far. Abad estimates a more or less P2 per liter rollback for gasoline and diesel prices and a more than P1 per liter decline for kerosene. He said among the factors leading to the downward price adjustments are the rising COVID-19 cases in China as well as the prevailing impact of interest hikes. “The rollback could have been bigger if the peso did not weaken,” he said. However, Abad said results of the OPEC+’s upcoming Dec. 4 ministerial meeting could put an end to the series of price rollbacks in pump prices in the following weeks. “This could possibly mess up and destroy the trend of downward movement in prices,” he said. Price adjustments will be announced by oil companies on Monday, which will take effect the next day. If the rollbacks push through as forecast, these will be the seventh consecutive week of decline in the prices of diesel and a third straight for gasoline.
