Speaker Ferdinand Martin G. Romualdez said on Sunday that the Maharlika Investment Fund (MIF) bill will help address rising electricity and fuel prices. READ:
“Filipinos cannot wait. We have to bring down the cost of electricity, the cost of power, the cost of oil,” Mr. Romualdez told Manila-based reporters at Zurich, Switzerland.
Albay Rep. Jose Ma. Clemente S. Salceda, who chairs the House ways and means committee, said in an interview with ANC that the latest version of the bill has removed the BSP as a funder. The current MIF bill proposes government-owned and -controlled corporations as funders, which Albay Rep. Edcel C. Lagman said could crowd out some basic services funded from GOCC profits.
IBON Foundation Executive Director Jose Enrique A. Africa said in a Viber message, “The worst-case scenario would be the fund attracting dubious private investors who perceive the fund as having political advantages from being so eagerly pushed by high government officials predisposed to self-interested interventions.”
Mr. Africa added, “The haste with which it is evolving to adapt to public criticism is actually a little suspicious and raises the question why the administration is in such a hurry to create a Maharlika fund in whatever form.”
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