Poe backs sale of assets for PH fund

By Macon Ramos-Araneta

SEN. Grace Poe on Monday expressed support for the plan to sell government assets to fund the Maharlika Investment Fund (MIF).

Poe, chairperson of the Senate committee on public services, said she agrees with the plan, adding that “they are called assets but some are nonperforming or problematic, riddled by corruption and mismanaged, thus may be handled better by the private sector.”

However, Poe said the sale of these assets should be transparent, particularly in the bidding process. She noted that the buyers’ credibility should be considered and that proceeds of the sale should be accounted for and should directly go to the intended fund.

Poe further cited the assets by the Philippine Gaming Corporation (PAGCOR), which she said is “a regulator and should not be running a casino.”

“They should sell those casinos run by PAGCOR,” she said.

According to the senator, the sale can be a windfall for the country and poses no risk to the public.

“Unlike if initial investments are sourced from government reserves which is not only wrong but dangerous,” she added.