News Roundup 25 May 2023
May 25, 2023 • 4 min Read
Makabayan: ‘Red flag’ provisions back in Senate bill on Maharlika Investment Fund | PHILSTAR.COM – MANILA, Philippines — Lawmakers of the Makabayan bloc at the House are again sounding the alarm on the bill for the Maharlika Investment fund, which the president has certified as urgent, saying provisions that put pension funds at risk are back.
In a statement, the three-member Makabayan bloc said that Senate Bill 2020 brought back the use of pension funds from the Government Service Insurance System and Social Security System as seed funding for the national investment fund that have been removed from the version passed by the House.
“Months after widespread public outcry forced proponents in the House to exclude funds of the GSIS, SSS, and Pag-IBIG as sources of funding for the MIF, the Senate is set to approve its own version that lets them back in,” the lawmakers said.
“’Under no circumstances shall [the state-run pension funds] be requested or required to contribute’ is the deceptive wording in the Senate bill that actually allows these pension funds to invest in the MIF — provided their governing bodies (who are all appointed by the President) voluntarily decide to do so,” they added.
In a press conference on Thursday, Rep. Arlene Brosas (Gabriela Women’s Party) also hit the provisions in the Senate MIF bill allowing foreigners to sit on the board of Maharlika Investment Corp., which will have control over the controversial investment fund.
Full Story at: Makabayan: ‘Red flag’ provisions back in Senate bill on Maharlika Investment Fund | Philstar.com
Armies of Philippines, Australia discuss further cooperation | PHILSTAR.COM – MANILA, Philippines — Military officials of the Philippines met this week to discuss better cooperation in coming years.
The sixth iteration of the Philippine-Australia Staff Talks were held this week, where “key officers will lay out bilateral engagement plans for the next year and update planned bilateral activities for the year,” according to the Philippine Army.
This comes just a week after Australian Foreign Affairs Minister Penny Wong went on an official visit to the Philippines. Wong said Canberra is committed to boosting the capabilities of the Philippine Coast Guard and Manila’s maritime sectors as a whole.
Over 150 soldiers are currently participating in Joint Exercise Kasangga, where troops from both countries are expected to learn from each other.
Deputy Chief of the Australia Army Maj. Gen. Natasha Fox is now in the country and paid a courtesy call on Lt. Gen. Romeo Brawner Jr. — Philippine Army commanding general — on Wednesday.
Full Story at: Armies of Philippines, Australia discuss further cooperation | Philstar.com
Hontiveros hits ‘too convoluted, vague’ reason to classify Maharlika bill as urgent | INQUIRER.NET – MANILA, Philippines — Senator Risa Hontiveros on Thursday questioned the presidential certification of the controversial Maharlika Investment Fund bill as urgent, saying the arguments for its immediate passage are “too convoluted and vague.”
In the letter tagging the MIF proposal in the Senate as a high priority, President Ferdinand Marcos Jr. cited the global inflation, economic impact of the Ukraine-Russia war, and international interest rate hikes as “compelling” reasons to set up the investment fund.
This, however, did not convince Hontiveros.
“The justification for the immediate passage of the Maharlika Fund is too convoluted and vague,” she said in a statement.
She denounced the push for the proposed measure despite the depleting income from the Malampaya oil and gas fields, and the still-unpassed law that would raise the government’s income from opening mines.
“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,” Hontiveros said.
Full Story at: Hontiveros hits ‘too convoluted, vague’ reason to classify Maharlika bill as urgent | Inquirer News
Teves prioritizes safety; insists on attending ethics panel probe via online | INQUIRER.NET – MANILA, Philippines — Negros Oriental 3rd District Rep. Arnolfo Teves Jr. maintained on Thursday that his safety remains his top priority as he maintained his decision not to physically attend the hearing on his continued absence set by the House committee on ethics and privileges on May 29.
The hearing comes after the end of his 60-day suspension last May 22, which was slapped against him by 292 House of Representatives members.
“I am a regular member of the Congress together with the voice of my constituents and all the rest of the Filipino people. I should be allowed to speak even through video conferencing,” Teves said in an online press conference.
“Ang pinapanindigan ko ay ang banta sa aking buhay hindi ko pwedeng ipagpalit ang aking buhay sa kahit anong bagay,” he added.
(I believe my life is under threat, and I cannot trade my life for anything.)
Full Story at: Teves prioritizes safety; insists on attending ethics panel probe via online | Inquirer News
