Govt plans to use MIF for projects that will hike energy, food output
THE government is planning to use the Maharlika Investment Fund (MIF) for projects that aim to address the country’s “power crisis and agricultural needs.”
e pronouncement was made by House Speaker Martin G. Romualdez, who said House Bill (HB) 6608 has already gained “considerable backing” in the House of Representatives (HOR) since it can help the government in the development of capital-intensive sectors. “To participate in large projects whether be infrastructure, power; the agricultural sector, you need massive capital,” Romualdez said during a press briefing in Belgium last Tuesday.
“We have a lot of other ideas on how to use this fund to actually help the power crisis, the agriculture needs of the country and having skill always does matter,” he added. He noted more lawmakers finally supported the legislation after the issue on the fund sources for the MIF was finally ironed out.
Safeguards
ROMUALDEZ said over 200 lawmakers have already co-authored HB 6608.
“We are very excited for it and I see that two-thirds of the House who have already seen the wisdom and you know the benefits to the country and to the people as a whole, so we’re quite excited for this,” he said.
In the initial version of the bill creating the MIF, its P250-billion initial capital was supposed to come from the Social Security System (SSS) and the Government Service Insurance System (GSIS), Land Bank of the Philippines (LBP), Development Bank of the Philippines (DAP), Bangko Sentral ng Pilipinas (BSP), and the Philippine Amusement and Gaming Corp. (Pagcor).
However, Congress decided to drop SSS and GSIS from the list of fund sources for the MIF upon opposition from some sectors, including labor groups.
Romualdez also assured HB 6608 will make use of “idle” government funds to create the MIF, which will be managed by competent individuals.
“It would be a very, very good form of its utilization and to get the best of the brightest people be accountable for this proper management of the investments,” Romualdez said.
‘Urgent bill’
DESPITE having the numbers in the House to pass the MIF, Romualdez said it is still up to the President if he wants to certify the bill as urgent so it could be approved on third and final reading before the House adjourns for its Christmas break.
“Well, that’s up to him [President Marcos],” Romualdez said when asked if the President wants to ensure swift passage of the bill in the House. By certifying the bill as urgent, the House can dispense with the three-day rule—the requirement of the Constitution that no bill shall become a law unless it has passed three readings on separate days.
e House is set to adjourn its session this week.
“e Majority Floor Leader [Manuel Jose Dalipe] told me that we had over 220 [co-authors] and I think by the time I get back baka umabot na ng 250. So there will be over two-thirds of the House who will be co-authoring because there have been exhaustive briefings,” Romualdez, who is part of the official delegation of President Marcos in Brussels for his participation in the ASEAN-EU Commemorative Summit, said.
As of 1 p.m. Wednesday, the official records in the House showed that the total number of lawmakers who signified their intention to be co-authors of House Bill (HB) No. 6608 seeking to establish the MIF has ballooned to 246.
EMSA compliance period
IN another development, Romualdez said the country was finally given a deadline to address the concerns raised by the European Maritime Safety Agency (EMSA) on the country’s compliance to the Standards of Training, Certification and Watchkeeping (STCW) Convention.
“ere is a three-month period within which we have to comply with certain conditions, certifications of the various schools, various maritime academies and schools that train our seafarers,” Romualdez said.
President Ferdinand “Bongbong” R. Marcos Jr. ordered the creation of an advisory board composed of representatives from government agencies, international shipowners and other stakeholders to ensure the country will fully comply with the STCW.
About 50,000 Filipino seafarers, who are working European vessels, are at risk of losing their jobs due to deficiencies in implementing the STCW in the last 16 years.