Privatization proceeds eyed to fund Maharlika

by Louise Maureen siMeon PaoLo roMero Philstar.com

MANILA — Proceeds from privatization may be used to finance the proposed Maharlika Investment Fund (MIF), rather than putting state banks and the central bank at risk, a public advocacy group said.

At a hearing of the Senate committee on banks, financial institutions and currencies on Thursday, February 16, the Foundation for Economic Freedom (FEF) maintained that it does not object to the creation of a developmental financial institution.

But FEF president Calixto Chikiamco argued that the Bangko Sentral ng Pilipinas and government financial institutions (GFIs) Land Bank of the Philippines and Development Bank of the Philippines should be removed as funding sources.

creates a “giant moral hazard” when parties are protected from the consequences of their decisions, which could also lead to financial crises such as in 1997 and 2008.

“With its ability to access guaranteed loans from the GFIs and perpetual funding from the BSP, the MIF will become ‘too big to fail’ and pose systemic risk to the economy,” Chikiamco said.

He added that guaranteeing MIF debt from GFIs will produce enormous fiscal and other risks and may lead to ratings downgrade and increase the cost of borrowing for the government and, in turn, widen the fiscal deficit.

On the other hand, if the fund is not guaranteed, it also increases systemic risk to the banking system as possible evaluation of the value of the MIF will translate to losses to the DBP and Landbank.

to get the test kits without cost for a little over a year. State rules also can vary, and continued coverage without cost sharing for COVID tests, treatments, and vaccines after the health emergency ends might be available with some health plans.

Overall, the future of COVID tests, vaccines, and treatments will reflect the complicated mix of coverage consumers already navigate for most other types of care. “From a consumer perspective, vaccines will still be free, but for treatments and test kits, a lot of people will face cost sharing,” said Jen Kates, a senior vice president at KFF. “We’re taking what was universal access and now saying we’re going back to how it is in the regular U.S. health system.”

(Julie Appleby/Kaiser Health News)

KHN correspondent Darius Tahir contributed to this report.

KHN (Kaiser Health News) is a national newsroom that produces in-depth journalism about health issues. Together with Policy Analysis and Polling, KHN is one of the three major operating programs at KFF (Kaiser Family Foundation). KFF is an endowed nonprofit organization providing information on health issues to the nation.

SOUTHERN NEVADA REGIONAL HOUSING AUTHORITY Procurement Dept. 340 N. 11TH Street, Las Vegas, NV 89101

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VIA VIDEO CONFERENCE respect to boosting our longterm economic productivity. A sovereign wealth fund may also help advance our infrastructure development,” Villar said.

Other senators questioned the lack of business plan should the creation of the MIF be passed into law.

Landbank president and CEO

Cecilia Borromeo admitted that the bank has yet to see the business plan which should guide the GFI in its investment move.

Sen. Nancy Binay said a business plan should give lawmakers and investors a bit of comfort when they see where the fund will be invested.

“It’s like when you borrow from a bank, you will be asked where you will use (the money). It’s like you don’t know where you will use it,” Binay said.

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“There may be other sources of funds from the government that could initially fund it, such as privatization proceeds,” Chikiamco said as he noted that the MIF as drafted was fraught with risks in “an era of economic and geopolitical uncertainty.”

“There are sources that can be tapped to initially fund it and attract investments from the private sector and foreign sources eventually,” he said.

Chikiamco said the government should scrap planned contributions of the BSP, Landbank and DBP to the multibillion-peso MIF as this would put the country’s financial sector at great risk.

“It might even be breaching regulations on a single investment,” he said.

Based on the current form of the bill, the BSP will inject some P100 billion, without touching gross international reserves, as seed capital. Another P50 billion will come from Landbank and P25 billion from DBP. Privatization proceeds are already part of the original bill.

Chikiamco argued that the funding source of Maharlika is problematic, especially as it is unclear if Landbank and DBP equity cash investment in MIF will be guaranteed by the national government.

Assuming that it is guaranteed, the economist warned this still

As a result, Chikiamco warned that this can light a fire to the rest of the banking system and result in financial contagion and panic.

“It will become wobbly. The market will perceive that as a contagion,” he said.

Further, FEF argued that the primary objective of the MIF should be clarified, conflicts of interest should not arise and the level playing field should not be tilted in favor of MIF.

The proposed fund also could weaken the BSP’s capitalization as well as its standing to maintain price and financial stability as the central bank may make policy decisions to increase dividends from the MIF that may affect its enforcement of monetary tools.

“As long as you remove the GFIs, we can live with that. I think there is a role for Maharlika in certain instances,” Chikiamco said.

When asked by panel chair Sen. Mark Villar about possible sources of funding for the MIF, Chikiamco cited the privatization of the New Bilibid Prison and the Philippine Amusement and Gaming Corp.

The senator said the country can greatly benefit from the MIF, which was meant to widen the options available to the government to fund infrastructure projects.

“The Philippines may benefit from having its own sovereign wealth fund, especially with

In response, national treasurer Rosalia de Leon said there are 87 infrastructure items being deliberated by the National Economic and Development Authority which could be funded by the MIF. Senate Minority Leader Aquilino Pimentel III, for his part, argued that recent deliberations in the Senate appear to have become a “very expensive public brainstorming” for government agencies, given their lack of preparation on the matter.

While De Leon assured the committee of a list of allowable investments under the MIF, Pimentel said one provision allows “all other investments as may be decided by the Board.” He said the bill also imposes a two percent cap on administration and operation expenses but Section 17 of the measure allows additional expenses, which effectively cancels the restriction.

“We hear news about the President’s report that the Japanese investors are excited to invest in the Maharlika fund. Where is the mechanism of the current bill? How do they invest? It is not stated there,” he said.

“In its current form, I hope it does not reach [plenary]. It’s very disappointing, especially as an administration measure, since the assumption is that it is backed up by the best lawyers and bill drafters,” Pimentel said. “The quality of the proposal is not well thought out, not wellplanned.” g

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PUBLIC NOTICE

Southern Nevada Regional Housing Authority (SNRHA) Housing Choice Voucher Program (formerly Section 8) Pre-application for the 2023 Waitlist Lottery

The Southern Nevada Regional Housing Authority (SNRHA) Housing Choice Voucher Program will accept pre-applications for the 2023 waitlist lottery on Monday, February 27, 2023 at 8 a.m. through Monday, March 27, 2023 5 p.m. (PST)

SNRHA will conduct an electronic lottery drawing to select the pre-applications for the 2023 waitlist.

TO APPLY YOU MUST BE:

• 18 years of age or older or legally emancipated

• A U.S. citizen or eligible immigrant and have legal capacity to enter into a lease under the state and local law

How to submit a pre-application:

All pre-applications must be submitted online at the following link https://onlineportal.snvrha.org using any smart device or computer.

As a reasonable accommodation, SNRHA has computer access and staff available on the following dates and locations to assist with the pre-application processes.

Locations and hours of operation:

Southern Nevada Regional Housing Authority – 5390 E Flamingo, Las Vegas, NV 89122

Monday, February 27, 2023 at 8 a.m. through Friday, March 3, 2023 5 p.m. (PST)

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Monday, February 27, 2023 at 8 a.m. through Friday, March 3, 2023 5 p.m. (PST) University of Nevada, Reno Extension’s A.D. Guy Knowledge Center - 817 N. St., Las Vegas, NV 89106

Monday, February 27, 2023 at 8 a.m. through Thursday, March 2, 2023 5 p.m. (PST) (This Location is CLOSED on Friday March 3rd, 2023.)

Please Note: You must have an email address to apply.

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• 62 years of age or older

Families that live or work within Clark County

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Rise for freedom

VALENTINE’S Day is not just a day of hearts. On Valentine’s Day in 2012, a global mass action was launched to end violence against women. The call to action was made amid reports that one in three women worldwide would be beaten or raped in her lifetime. In 2012, the global population stood at seven billion – meaning over one billion women and girls were expected to experience various forms of violence in that year. The One Billion Rising movement was born.

The Philippines, which has elected two female presidents and two vice presidents, recognized the problem much earlier. Republic

Act 9262, the Anti-Violence Against Women and their Children Act, was enacted in 2004 when the country was led by a woman. RA 9262 has tough provisions against domestic violence.

As in most laws in this country, however, the problem lies in the implementation. Since the passage of RA 9262, there have been numerous complaints about barangay officials who refuse to carry out their mandate stipulated in the law to serve as front-liners in assisting victims of domestic violence. Many women especially in impoverished communities are also unaware of the law and the protection it offers to victims.

The pandemic lockdowns aggravated the problem, with advocacy groups saying reported cases nationwide tripled in 2020. In 2021, over 12,000 cases of violence against women and their children were recorded nationwide, with 5,339 more reported in the first six months of 2022

Babe’s Eye View

BABE ROMUALDEZ

THE announcement by the Philippines and the United States about the expansion of the Enhanced Defense Cooperation Agreement with four new locations to be added to the current five sites and the conduct of joint maritime patrols in the South China Sea reverberated so well worldwide, with 90 percent of Filipinos welcoming this latest development in the relationship between two longtime allies.

Filipinos across the globe – in particular FilipinoAmericans – were extremely pleased, lauding the decision of President Ferdinand Marcos Jr. in reaffirming and further solidifying U.S.-Philippines relations. I received hundreds of messages and emails expressing their full support for the President’s decision.

The meeting between our Defense Secretary Carlito Galvez and U.S. Defense Secretary Lloyd Austin was extremely substantial, with the discussions

Commentary

ANA WOOD

BY 2040, one in five Americans will be age 65 or older. In 2000, that ratio was one in eight. The United States, like a majority of the world, has a quickly growing older population. Although Americans are retiring later, living longer, and there are more and more options for where seniors can live, the United States must prepare itself on how to care for our older Americans, before it becomes a crisis.

As an older American myself, I have seen the barriers to medical care many seniors face. Especially for people living in rural areas, of which there are many in Nevada, accessing hospitals, specialists, and mental health care, can be more difficult than if you lived in an urban setting. While our senior population grows, we must put systems and services in place to ensure they can access highquality medical care.

I know from my own experience that Medicare Advantage is one of the best programs out there for increasing access and breaking down barriers to health care services. Furthermore, the program emphasizes preventative alone. Advocacy groups believe the actual numbers are much higher as many women are unwilling or unable to report their ordeal and seek help.

An 18-day campaign was launched last year, from Nov. 25 – the International Day for the Elimination of Violence Against Women – to Dec. 12, Human Rights Day, to promote mass action in ending the problem. The United Nations is supporting the One Billion Rising campaign. With united efforts globally, the UN aims to curb the problem significantly by 2030.

Beyond “flash mobs” and other creative forms of political activism, ending violence against women and children calls for concerted action among multiple government agencies and sectors of society. Filipino women who work overseas face heightened risk of physical, sexual and psychological violence. Domestic helper Jullebee Ranara was just the latest in an ever-growing list of Filipino migrant workers who were abused and brutally murdered by their foreign employers. For 2023, the call to action of One Billion Rising is “rise for freedom.” Despite some progress in fighting violence against women, confronting the problem remains challenging in the Philippines, and even more so in other parts of the planet where women are still treated like second-class citizens. A more aggressive, pro-active approach is needed for this freedom to be attained. (Philstar. com)