Cayetano urges Senate to focus on 'pressing issues' instead of MIF

As the Senate begins deliberations on the proposed Maharlika Investment Fund (MIF), Senator Alan Peter Cayetano has urged the Senate to focus its attention instead on "pressing issues" such as inflation, food shortages, and the high prices of basic commodities.

In a letter addressed to the Senate through Senate President Juan Miguel Zubiri and Majority Floor Leader Sen. Joel Villanueva, Cayetano expressed reservations on the passage of the MIF (House Bill No. 6608 and Senate Bill No. 1670), which the Senate started deliberating on last Wednesday, February 1, 2023.

"My personal view is that we should have a sense of urgency and prioritize pressing issues that affect people's daily lives (presyo, trabaho, kita at kaayusan) - such as insufficient jobs available, low wages, inflation/high prices of basic commodities such as food and fuel, drugs and peace and order - that need both short and long-term solutions," the independent senator said in his letter, which was put on record at the plenary session on Wednesday.

Cayetano also registered his objection to the primary referral of the MIF bill to the Committee on Banks, Financial Institutions, and Currencies instead of the Committee on Government Corporations and Public Enterprises that handles proposed bills covering Government-Owned and Controlled Corporations (GOCC) and which he chairs.

However, had the MIF bills been referred to the Senate GOCC Committee, Cayetano said he would have immediately held hearings and given all sides the opportunity to be heard.

"If the MIF bill would have been primarily referred to the Government Corporations committee, I would have tried to find a consensus to be able to come up with the best possible legislation on the matter at hand," he said.

Violation of Senate rules

Cayetano said a closer look at the MIF bills "would reveal an intention to create - first and foremost - the Maharlika Investment Corporation (MIC), a State investment body proposed to be responsible for the overall governance and management of the MIF. Thus, the creation and investment of the MIF are contingent on the establishment of the MIC."

He said the process of establishing the MIC will eventually involve questions affecting government corporations since the capitalization and funding of the MIF would come from other government corporations.

"Such reasoning would result in the absurd situation wherein all bills creating government corporations would no longer be primarily referred to the Committee on Government Corporation and Public Enterprises," the senator said, citing it as a violation of Senate rules.

He also said under the current wording of the proposed bills, the MIF would source its initial capitalization from the Bangko Sentral ng Pilipinas (BSP), which is a Government-Owned and Controlled Corporation (GOCC), and through the Land Bank of the Philippines, which is a GOCC/Government Financial Institution (GFI).

Subsequent annual contributions to the fund, he added, will be sourced from the Development Bank of the Philippines (DBP), PAGCOR, and other government-owned gaming operations.

Another observation by Cayetano is that the presently-worded bills involve amendments to the charters of LBP, DBP, BSP, and PAGCOR, which would be within the jurisdiction of the Senate GOCC Committee.

"These new provisions, if enacted into law, are not present in the Charters of the GOCCs and would effectively amend the same. Based on the rules of the Senate, the GOCC Committee has jurisdiction over "all questions affecting GOCCs including all amendments to their charters, the interests of the government in the different industrial and commercial enterprises, and privatization," he said.

He added, "When the law (or rule) is clear, there is no room for interpretation. This is basic!"

Cayetano closed his letter by reminding his colleagues to remain independent on the controversial issue.

"I understand that any administration would prefer that a member of the administration bloc, not an independent, be Chairperson of the committee to which an administration-backed bill is referred to. But the Senate should be independent," he said.

He also said there are "numerous remedies" available to the majority if an independent or an opposition chairperson "sits on the bill, sabotages it, or in any way delays hearing it."

Still, Cayetano said he respects the vote of the majority and indicated that he is committed to performing his duty to participate in the hearings on the matter.

Cayetano sa Senado: Tutukan natin ang mga isyung mas mahalaga sa MIF

Sa pagsisimula ng deliberasyon sa panukalang Maharlika Investment Fund (MIF) sa Senado, hinimok ni Senador Alan Peter Cayetano ang mga kapwa niya senador na mas bigyang pansin ang mahahalagang isyu tulad ng pagtaas na presyo ng bilihin at shortage sa pagkain.

Inihayag ito ni Cayetano sa isang liham sa Senado sa pamamagitan nina Senate President Juan Miguel Zubiri at Majority Floor Leader Sen. Joel Villanueva kasabay ng pagdinig nitong Miyerkules, February 1, 2023, sa kontrobersyal na MIF bills (House Bill No. 6608 and Senate Bill No. 1670) sa Senado.

"My personal view is that we should have a sense of urgency and prioritize pressing issues that affect people's daily lives (presyo, trabaho, kita at kaayusan) - such as insufficient jobs available, low wages, inflation/high prices of basic commodities such as food and fuel, drugs and peace and order - that need both short and long-term solutions," wika ng independent senator sa kanyang liham, na iniligay sa record ng plenary session noong Miyerkules ng gabi.

Ipinahayag din ni Cayetano ang tahasan niyang pagtutol sa pag-refer ng MIF bill sa Committee on Banks, Financial Institutions, and Currencies imbes na sa Committee on Government Corporations and Public Enterprises (GOCCs) na kanyang pinamumunuan.

Ayon kay Cayetano, kung ibinigay ang MIF bills sa Senate GOCC Committee ay magpapatawag sana siya agad ng hearing at bibigyan ang lahat ng panig ng pagkakataon na marinig.

"If the MIF bill would have been primarily referred to the Government Corporations committee, I would have tried to find a consensus to be able to come up with the best possible legislation on the matter at hand," aniya.

"Paglabag sa Senate rules"

Sinabi ni Cayetano na sa masusi niyang pag-aaral sa MIF bills, maliwanag ang layunin nitong pagtatag ng Maharlika Investment Corporation (MIC), isang State investment body na magiging responsable sa pangkalahatang pamamahala ng MIF.

"Thus, the creation and investment of the MIF are contingent on the establishment of the MIC," aniya.

Paliwanag niya, saklaw din ng proseso ng pagtatag ng MIC ang mga usapin na nakakaapekto sa mga GOCC dahil ang kapital at pagpopondo ng MIF ay magmumula sa ibang mga korporasyon ng gobyerno.

"Such reasoning would result in the absurd situation wherein all bills creating government corporations would no longer be primarily referred to the Committee on Government Corporation and Public Enterprises," sabi ng senador, habang tinutukoy ang naging paglabag sa Senate rules ang maling referral.

Ayon din sa pagkasulat ng mga panukalang batas ng MIF, ang inisyal na kapital ng MIF ay manggagaling sa Bangko Sentral ng Pilipinas (BSP), na isang GOCC, at sa Land Bank of the Philippines, na isa namang GOCC/Government Financial Institution (GFI).

Dagdag pa ni Cayetano, ang mga susunod na taunang kontribusyon sa pondo nito ay kukunin sa Development Bank of the Philippines (DBP), PAGCOR, at iba pang gaming operations na pag-aari ng gobyerno.

Isa pang obserbasyon ni Cayetano ay ang mga kinakailangang pag-amyenda sa charter ng LBP, DBP, BSP, at PAGCOR, na sumasailalim sa jurisdiction ng Senate GOCC Committee.

"These new provisions, if enacted into law, are not present in the Charters of the GOCCs and would effectively amend the same. Based on the rules of the Senate, the GOCC Committee has jurisdiction over "all questions affecting GOCCs including all amendments to their charters, the interests of the government in the different industrial and commercial enterprises, and privatization," aniya.

"When the law (or rule) is clear, there is no room for interpretation. This is basic," wika niya.

Bago tapusin ni Cayetano ang kanyang liham, pinaalalahan niya ang mga senador na dapat manatiling independent sa kontroberysal na panukalang batas na ito.

"I understand that any administration would prefer that a member of the administration bloc, not an independent, be Chairperson of the committee to which an administration-backed bill is referred to. But the Senate should be independent," sabi niya.

Sinabi niya na mayroon din namang ibang remedyo ang Majority bloc kung sakaling ang panukalang batas ay kinontra o naantala sa pagdinig nito.

Gayunpaman, sinabi ni Cayetano na iginagalang niya ang boto ng nakararami at nagpahiwatig siya na tututkan niya ang pagdinig sa usaping ito.

"Let me just assure our people that we will closely scrutinize the Maharlika Investment Fund so that its best version will come out," sabi niya.