Casinos’ sale pressed for MIF
At least two senators on Monday supported the proposal to sell state-owned assets to fund the proposed measure seeking the establishment of the Maharlika Investment Fund or MIF.
Senators Juan Edgardo “Sonny” Angara, and Grace Poe expressed their support to privatize some government assets, particularly non-performing ones.
“If we are not using these government assets such as lands, it would be better to sell them [off] or develop them through a joint venture for the benefit of the public,” Angara said in a statement.
He, however, stressed that the government must be transparent with its transactions.
“They just need to be transparent when entering in these kinds of transactions, especially that they will be using it for public funds,” he said.
In a separate statement, Poe also supported the proposal to sell a few government assets to fund the MIF.
“Yes, I agree we should sell some government assets. They are called assets but some are non-performing or problematic, riddled by corruption and mismanaged, thus may be handled better by the private sector,” she said.
Poe added that the government must look into the credibility of those who want to buy government assets.
“The proceeds of the sale should be well accounted for and should go directly to the intended fund,” she said.
She named casinos operated by the Philippine Amusement and Gaming Corporation among the that may be soild government assets.
“They should sell those casinos run by PAGCOR. It may be a windfall and at no risk to the public,” she said, reiterating that the state regulator should not be running a casino.
“Unlike if initial investments are sourced from government reserves which are not only wrong but dangerous,” she added.
The senators issued their statements after Finance Secretary Benjamin Diokno said proceeds from the privatization of state-owned assets like casinos and power plants can raise funds for the MIF.
The Senate Committee on Banks, Financial Institutions and Currencies, chaired by Senator Mark Villar, who is also the author of the proposed measure, is set to start the discussions on the proposed MIF on Wednesday.