Statement of Senator Risa Hontiveros on the suspended implementation of the Maharlika Investment Fund Act

The decision to suspend the implementation of the Maharlika Investment Fund (MIF) Act is welcome news for all Filipinos and for our vulnerable economy.

I hope that the suspension of the rollout of the Maharlika Investment Fund means that the President is starting to heed our warnings. Indeed many provisions of the MIF Act require further study. My own view, of course is that it is beyond repair - because the law was rushed, and the Philippines is simply not ready at this moment to support a wealth fund.

In fact, it is now clear that Finance Secretary Benjamin Diokno misled the Senate when he said that the Land Bank of the Philippines (LBP) and the Development Bank of the Philippines (LBP) had excess funds which were idle and could be used for the MIF. At best, he simply did not have the competence to understand the repercussions of messing with the finances of Land Bank and DBP. Dati pa naman siyang BSP Governor.

The MIF, among its many flaws, is now poised to reduce the LBP and DBP's capacity to provide loans for farmers, fisherfolk and agri-entrepreneurs by more than P700 billion - or ten times the capital that will be taken from them. As it turns out, the Bangko Sentral's position is that DBP and Land Bank will need to be recapitalized. Saan kukunin yan? E di uutangin.

The suspension of the MIF Act must stand until every flaw or concern raised about the law has been reviewed. Government should never be reckless with the people's hard-earned money.

Pahayag ni Senador Risa Hontiveros hinggil sa suspensyon sa pagpapatupad ng Maharlika Investment Fund Act

Ang desisyon na isuspinde ang pagpapatupad ng Maharlika Investment Fund (MIF) Act ay magandang balita para sa lahat ng mga Pilipino at para sa ating ekonomiya.

Inaasahan ko na ang suspensyong ito ay nangangahulugan na nagsisimula nang pakinggan ng Pangulo ang ating mga babala. Sa katunayan, maraming probisyon sa MIF Act ang nangangailangan ng masusing pagsusuri na sa aking pananaw ay hindi basta-bastang maisasaayos - dahil malinaw na minadali ang batas, at hindi tayo handa ngayon na suportahan ang isang wealth fund.

Sa katunayan, malinaw na ngayon na hindi totoo ang sinabi ni Finance Secretary Benjamin Diokno sa Senado na may labis na pondo ang Land Bank of the Philippines (LBP) at Development Bank of the Philippines (DBP) na hindi ginagamit at maaaring ilagak sa MIF. Tila wala siyang kakayahang makita ang maaaring masamang epekto dulot ng panggugulo sa finances ng Land Bank at DBP. Dati pa naman siyang BSP Governor.

Ang MIF, kasama ng kanyang mga kahinaan, ay nakaambang bawasan ang kakayahan ng LBP at DBP na magbigay ng pautang para sa mga magsasaka, mangingisda, at mga agri-negosyante ng higit sa P700 bilyon - o sampung beses ang puhunan na kukunin mula sa kanila. Sa katunayan, ayon sa posisyon ng Bangko Sentral, kinakailangan na irecapitalize ang DBP at Land Bank. Saan kukunin ang pondo para dito? Ito'y kukunin pa sa utang.

Dapat manatiling suspendido ang implementasyon ng MIF Act hanggang maresolba ang bawat kahinaan o alalahanin hinggil sa batas na ito. Hindi dapat maging pabaya ang pamahalaan sa perang pinaghirapan ng mamamayan.

*******

VIDEOS:

English https://drive.google.com/file/d/1318NEsCizuZgAgd5CCY6-y0Jbqpv_JNo/view?usp=drive_link

Filipino https://drive.google.com/file/d/1rcCyYp1QSPnbODhzc04UJCXyFDUQoT-C/view?usp=drive_link