News Roundup 08 December 2022
Dec 08, 2022 • 5 min Read
House drops GSIS, SSS from Maharlika fund plan | INQUIRER.NET – Lawmakers proposing the Maharlika Investment Fund (MIF) on Wednesday decided to drop the Government Service Insurance System (GSIS) and the Social Security System (SSS) as contributors to the sovereign wealth fund in the wake of mounting opposition from several business groups, civil society, and even legislators. Marikina Rep. Stella Quimbo, senior vice chair of the House appropriations committee, said in a media briefing that proponents of House Bill (HB) No. 6398, or the Maharlika Investments Fund Act, also agreed to remove the mandatory contribution from the General Appropriations Act or the national budget, noting that the goal was to look for a surplus fund to be an investment vehicle for higher returns and, in turn, result in a bigger budget for government programs. HB 6398, which was filed last week by Speaker Martin Romualdez, presidential son and Ilocos Norte Rep. Ferdinand Alexander “Sandro” Marcos, and other administration allies including Quimbo, seeks to establish a P275-billion sovereign wealth fund with an initial investment of P250 billion from the GSIS, SSS, Land Bank of the Philippines and Development Bank of the Philippines (DBP), and P25 billion from the national government. In lieu of funding from state-run pension funds for workers and the budget, Quimbo said profits of the Bangko Sentral ng Pilipinas (BSP) would be added to the seed money from Landbank and DBP, two government banks that would still be required to contribute P50 billion and P25 billion, respectively. Opposition to the Maharlika Wealth Fund was mainly due to the involvement of GSIS and SSS funds, as members objected to the use of their contributions. A petition on Change.org seeking to block the passage of the bill has so far garnered more than 48,000 signatures. Quimbo expressed optimism that the changes to the bill would help lessen the criticism of the Maharlika fund. “That is the good thing about the consultations we conducted, we saw what the concerns were, where the fears are coming from. And it is important to listen to the voice of the people and respond to these concerns,” she said.
SSS, GSIS removal as sources of Maharlika fund lauded as ‘victory’ vs Marcos admin | INQUIRER.NET – Akbayan Party has called the removal of the Government Service Insurance System (GSIS) and the Social Security System (SSS) as sources for the Maharlika Investment Fund (MIF) an “important first victory” against the administration of President Ferdinand Marcos Jr. The proposed MIF drew widespread criticism, even leading to a Change.org petition to block the passage of a bill that will create the controversial investment trust. The petition has so far garnered at least 48,000 signatures. “This is an important first victory for the Filipino working class against the Marcos administration, and a resounding rebuke of a measure that would have endangered the future of millions,” the group said in a statement Thursday. According to Akbayan, “[p]ushing back exposes abuse” as the decision to drop SSS and GSIS as sources for MIF showed the importance of criticism in a democracy. “Pushing back exposes abuse. It punishes selfish egos, and ensures that the decisions of those in power are directed towards the interests of the public,” it said. But Akbayan stressed there is still much to be done, claiming that authors of House Bill No. 6398 will continue to assert the creation of the MIF or “even reintroduce the vile provisions in some other form.” “Despite the ongoing economic crisis, proponents of the fund will persist in pushing for its creation and may even reintroduce the vile provisions in some other form. Much work still needs to be done, and there will be more battles that need to be won, especially with another Marcos in power,” it noted.
‘Outstanding athlete, Filipina’: World champ Hidilyn Diaz boosts 2024 Olympics bid | PHILSTAR.COM – To be called one of the greatest ever, Hidilyn Diaz knew she must reign supreme in the strongest competitions in the world. It included one where a gold has eluded her for so long — the International Weightlifting Federation World Championships. Delivering a tour de force performance, the 31-year-old Olympic champion blew away the field in sweeping all three mints in the IWF Worlds in Bogota, Colombia Thursday to finally collect the one medal that’s been missing in her impressive collection. Diaz was nothing less than indomitable in breezing through triumphs in snatch where she lifted 93 kilograms, clean and jerk with a 114kg, and total with a 207kg to add to her huge trophy case, which includes conquests in the Olympics, Asian Games, Asian Championships and Southeast Asian Games. While it wasn’t as dominant as her effort in Tokyo where she had an electric 224kg total on a 97kg in snatch and a 127kg in clean and jerk, her performance in Bogota was nonetheless enough for her to bring home the bacon. Colombian Rosalba Estela Aguila del Morales was at distant second with a 199kg (89kg snatch, 110kg clean and jerk), while Mexican Ana Gabriel Lopez Ferrer was third with a 198kg (90kg, 108kg). Most importantly, Diaz earned precious qualifying points to the 2024 Paris Games, where she will be gunning to gain another crack at Olympic gold — a swan song fit for a queen. It will also be in Paris where Diaz could seal her rightful place as one of the titans of the sport. “She’s an outstanding athlete and Filipina,” an ecstatic Samahang Weightlifting ng Pilipinas president Monico Puentevella told The STAR Thursday. “She’s got more chances now to go to Paris 2024.” “She really has a heart of a champion,” he added.
