Padilla resigns as PDP-Laban exec to focus on being senator

by XAVE GREGORIO Philstar.com

MANILA — Sen. Robinhood

Padilla announced on Tuesday, May 30 he is resigning as PDPLaban executive vice president to give more time to his duties as a lawmaker.

Padilla remains a member of the party chaired by former President Rodrigo Duterte. “As an incumbent senator with a heavy mandate, I am aware that other duties — including my position as EVP of the party — must give way to my ability to fulfill my sworn duty to the people,” Padilla said in a statement.

He added, “I believe my decision is for the good of the party and its members — and more importantly, for the Filipino people.”

As PDP-Laban’s executive vice president, Padilla was part of the party’s National Executive Committee. He also had the power to take over the functions of the party president in case of their prolonged absence, permanent incapacity, suspension, resignation, or expulsion.

Padilla was also tasked to perform other duties and functions assigned by PDP-Laban’s National Council.

Cha-cha push falters

The senator’s resignation as a PDP-Laban official came after he proclaimed the death of his push that the SSS and GSIS would not be the source of seed funding for Maharlika. He said, however, that “if the pension fund decides that Maharlika fund is a good investment, it’s up to them if they want to invest in it.”

‘Let’s give it a chance’

Senate President Juan Miguel Zubiri earlier told reporters to give the new investment fund “a chance.”

Opposition groups and critics of the new law raised concerns that it would be abused and become a vehicle for corruption.

Zubiri noted that other countries also have sovereign wealth funds that are successful.

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CONTINUED borrowings and a weaker peso saw the national government's outstanding debt rise to a new record high of P13.91 trillion in April, the Bureau of the Treasury reported on Wednesday, May 31.

For the month alone, P54.24 billion was added to total outstanding debt due to the "net issuance of external debt and local currency depreciation against the U.S. dollar," the Treasury said in a statement.

Local borrowings comprised the bulk, or 68.0 percent, of the debt total. At P9.46 trillion, it was P55.32 billion lower compared to the end-March level due to the net redemption of securities amounting to P57.79 billion.

"This was slightly offset by the P2.47-billion effect on onshore foreign currency-denominated securities caused by peso depreciation against the U.S. dollar," the Treasury added.

Reckoned from the end of last year, P249.45 billion has been added to domestic debt.

External debt — 32 percent of total outstanding debt — ballooned to P4.45 trillion, P109.56 billion higher than the previous month.

This was due to a "P27.98-billion net availment of external loans and P94.28-billion impact of local-currency depreciation against the U.S. dollar," the Treasury said.

"On the other hand, third-currency adjustments against the US dollar trimmed P12.30 billion from the peso value