News Roundup 07 December 2022
Dec 07, 2022 • 4 min Read
Proposed Maharlika fund loses support of PCCI | INQUIRER.NET – Less than a week after receiving support from the country’s biggest business organization, the government’s bid to put up the country’s first sovereign wealth fund (SWF) suffered a big blow after the same trade group on Tuesday joined the growing opposition to the plan. The Philippine Chamber of Commerce and Industry (PCCI) is now urging the government to reconsider the creation of the SWF, reversing its position last week as the first major private sector association to support the proposal contained in House Bill No. 6398, or the Maharlika Investments Fund Act, which was filed by Speaker Martin Romualdez, Ilocos Norte Rep. Sandro Marcos and four other lawmakers. Since more details have become public about the Maharlika fund, PCCI president George Barcelon recommended that the government reconsider the amount of the seed fund as well as the timing of its creation. The PCCI noted that drawing funds from government financial institutions (GFIs), including pension funds Government Service Insurance System (GSIS) and the Social Security System (SSS), might impact the sustainability of the country’s welfare system and financial standing among international creditors. “Our government must make sure that no action will affect our presently good credit standing, which provides us lower foreign loan (rates),” Barcelon said. The PCCI official cited the necessity of these loans to finance the government’s big-ticket infrastructure projects. While Barcelon acknowledged that a sovereign wealth fund could serve as a conduit to further grow the Philippine economy, he cautioned that the timing might not be right, considering the uncertainty of financial markets due to geopolitical tensions as well as the recent cryptocurrency crash. The PCCI’s latest policy statement was a reversal of its initial assessment of and earlier support for HB 6398, joining other private sector groups that made a similar call a day earlier to rethink the measure. These included the Financial Executives Institute of the Philippines, the Makati Business Club, and the Management Association of The Philippines. Barcelon told the Inquirer last week that they supported the planned measure because it would help fund government activities to spur the economy and that there were safeguards as well as systems in place to ensure transparency.
PDEA district chief, 2 other agents nabbed; P9.1M worth of shabu seized in Taguig drug sting | INQUIRER.NET – A district office chief of the Philippine Drug Enforcement Agency (PDEA) and two other agents have been arrested in a buy-bust operation in Taguig City. In a police report on Wednesday, the National Capital Region Police Office (NCRPO) identified the suspects as Enrique Lucero, the chief of the PDEA Southern District Office; Anthony Alabastro and Jaireh Llaguno, who are agents of the same district office. One civilian was also arrested, a certain Mark Warren Mallo, who is a personal driver. The NCRPO said the drug sting was conducted at the PDEA South Office in Brgy. Upper Bicutan in Taguig City on Tuesday, December 6. Seized from the suspects were suspected crystal meth or “shabu” weighing 1.35 kilograms with an estimated worth of over P9.1 million and four long issued firearms. The police said the suspects are under the custody of the NCRPO, pending the filing of cases in the Taguig City Prosecutor’s Office. The PDEA is the lead anti-drug law enforcement agency, which is primarily responsible for preventing, investigating and fighting any dangerous drugs in the country.
CHR probes killing of NDFP consultant Ericson Acosta, peasant organizer | PHILSTAR.COM – The Commission on Human said it is already investigating the killing of National Democratic Front of the Philippines consultant Ericson Acosta and peasant organizer Joseph Jimenez in Negros Occidental. Rights group Karapatan said Acosta and his companion Jimenez were captured alive at around 2 a.m. on November 30 in Kabankalan City, but they were later tagged as casualties in an alleged encounter with the military. The bodies of the two bore stab wounds, the organization said. Acosta, an award-winning writer, was in Kabankalan to conduct consultations with peasants and farm workers to update the draft Comprehensive Agreement on Social and Economic Reforms (CASER) between the NDFP and the government. “It is expedient to probe the truth and deliver justice in all allegations of arbitrary killing that desecrate the right to life,” CHR said in a statement Wednesday. CHR said it expects a parallel probe by concerned authorities and requests the cooperation of the Armed Forces of the Philippines to ensure the conduct of a swift and impartial investigation. According to Karapatan, the killing of Acosta and Jimenez violates the Comprehensive Agreement on the Respect for Human Rights and International Humanitarian Law as well as the Philippine Act on Crimes Against International Humanitarian Law, Genocide, and Other Crimes Against Humanity. “CHR continues to underscore the need to adhere to the International Humanitarian Law (IHL) in situations of conflict. It is incumbent upon all parties, especially the State as duty-bearer, to comply with IHL rules and principles,” the commission said. Pilgrims for Peace and writers’ group PEN Philippines earlier called for a full and fair investigation into the death of Acosta and Jimenez. AFP dismissed as “propaganda” statements questioning Acosta’s death.
