Category: money

NO to BBM’s Maharlika Wealth Fund!

“Honorable Senators of the Republic” by Diwa C. Guinigundo https://www.bworldonline.com/opinion/2023/02/16/505267/honorable-senators-of-the-republic/

“Investing a mountain of debt?” by  Diwa C. Guinigundo https://www.bworldonline.com/opinion/2023/01/12/498061/investing-a-mountain-of-debt/

“In the bag, ho ho ho!” by Manuel L. Quezon III
https://opinion.inquirer.net/159692/in-the-bag-ho-ho-ho

“More critical than Maharlika” by Cielito F. Habito
https://opinion.inquirer.net/159649/more-critical-than-maharlika

“Maharlika is the new government” by Ma. Lourdes Tiquia https://www.manilatimes.net/2022/12/20/opinion/columns/maharlika-is-the-new-government/1870966

“Will Marcos Jr. take up Maharlika Fund at Davos?” by Satur C. Ocampo  https://www.philstar.com/opinion/2022/12/17/2231329/will-marcos-jr-take-maharlika-fund-davos

“Maharlika muddle” by Stephen CuUnjieng https://www.manilatimes.net/2022/12/16/opinion/columns/maharlika-muddle/1870530

“Maharlika foolish, corrupt – critics” by Jarius Bondoc
https://www.philstar.com/opinion/2022/12/14/2230635/maharlika-foolish-corrupt-critics

“ENRILE URGES MARCOS: Review Maharlika bill” https://www.manilatimes.net/2022/12/14/news/review-maharlika-bill/1870127

“Upping the ante by doubling down” by Manuel L. Quezon III
https://opinion.inquirer.net/159500/upping-the-ante-by-doubling-down

“Why the Sovereign Wealth Fund is still problematic on many levels” by Andrew J. Masigan
https://www.philstar.com/opinion/2022/12/14/2230636/why-sovereign-wealth-fund-still-problematic-many-levels

“Decorative” by Alex Magno
https://www.philstar.com/opinion/2022/12/13/2230386/decorative

“Maharlika Wealth Fund: Devil is in the details” by Teresa S. Abesamis
https://www.bworldonline.com/opinion/2022/12/13/492801/maharlika-wealth-fund-devil-is-in-the-details/

“Imploding” by Alex Magno https://www.philstar.com/opinion/2022/12/10/2229774/imploding

“Who Wants the Maharlika Wealth Fund?” by Solita Monsod https://marengwinniemonsod.ph/2022/12/10/maharlika-wealth-fund/

Maharlika Investment Fund ‘beyond repair,’ says Economist & National Scientist  Raul Fabella https://newsinfo.inquirer.net/1703562/mif-beyond-repair-says-natl-scientist-in-economics

Economist Winnie Monsod reacts to Maharlika Fund proposal [“Ridiculous!”] https://www.youtube.com/watch?v=919ww8jbzBk

“Fumble” by Boo Chanco https://www.philstar.com/business/2022/12/09/2229496/fumble

“Maharlika conundrum” by Stephen CuUnjieng https://www.manilatimes.net/2022/12/09/opinion/columns/maharlika-conundrum/1869617

“Death blow for a dumb idea” by Ben Kritz https://www.manilatimes.net/2022/12/08/opinion/columns/death-blow-for-a-dumb-idea/1869481

“Blink thrice if you don’t mean it” by Manuel L. Quezon III https://opinion.inquirer.net/159368/blink-thrice-if-you-dont-mean-it

“Defeat” by Alex Magno https://www.philstar.com/opinion/2022/12/06/2228787/defeat

“Drop the Maharlika fund” by Cielito F. Habito https://opinion.inquirer.net/159331/drop-the-maharlika-fund

“Maharlika Fund idea is incredibly obtuse like, ‘what are we in power for?'” by Yen Makabenta  https://www.manilatimes.net/2022/12/06/opinion/columns/maharlika-fund-idea-is-incredibly-obtuse-like-what-are-we-in-power-for/1869196

“Business groups, economists issue joint statement on ‘Maharlika’” by Ma. Stella F. Arnaldo https://businessmirror.com.ph/2022/12/06/business-groups-economists-issue-joint-statement-on-maharlika/

“Are we ready for a sovereign wealth fund?” by Randy David https://opinion.inquirer.net/159282/are-we-ready-for-a-sovereign-wealth-fund

“Cronies wealth fund?” by Boo Chanco  https://www.philstar.com/business/2022/12/05/2228516/cronies-wealth-fund

“The Maharlika Fund: A Pricey Stud Or A Milking Cow?” by Heneral Lunacy https://heneralunacy.wordpress.com/2022/12/05/the-maharlika-fund-a-pricey-stud-or-a-milking-cow/

“Keep your hands off our SSS, GSIS money” by Jarius Bondoc https://www.philstar.com/opinion/2022/12/02/2227919/keep-your-hands-our-sss-gsis-money

“Maharlika Fund: Dubious, pretentious and self-serving” by Sonny Africa https://www.ibon.org/maharlika-fund-dubious-pretentious-self-serving/

“The Maharlika Wealth Fund” by Filomeno S. Sta. Ana https://www.bworldonline.com/opinion/2022/12/04/490838/the-maharlika-wealth-fund/

“13 reasons why WE OPPOSE House Bill 6398 (Maharlika Investment Fund/PH Sovereign Wealth Fund)” by David Michael San Juan https://www.facebook.com/lastrepublic/posts/pfbid0scC3HnBcZyvpdS1fr7ZP1j1ZH2jyUW1vcYgnBAk6mmUoWnmLC1Pxp4iUcdBfUengl

“Galawang Marcos. Another Corruption Scheme in the Making!” by Ed Lingao https://www.facebook.com/100083035164368/videos/679806213550044/

“More fun(d) in the Phl” by Ana Marie Pamintuan https://www.philstar.com/opinion/2022/12/05/2228532/more-fund-phl

Shooting Stars and the Falling Peso

O. Roncesvalles

I remember a time in 2012 when many big-bank economists predicted that the Philippine peso would remain a shooting star at around P42/$ by year-end. The peso then was a ‘darling’ currency, having nicely recovered from a low of about P49/$ in the wake of the Financial Crisis of 2008. Little did the bank economists know that there would soon be a literal u-turn; the peso shortly began its doldrums to where it is today at P53/$. It hasn’t been a pretty sight for the responsible authorities at the central bank.

Read on…

100 years of ferdinand marcos

BATAC CITY—Opening a forum here on the legacies of Marcos, whose 100th birthday on Sept. 11 had been declared by Malacañang as public holiday in Ilocos Norte province, Imee referred to her late father’s comment when they landed at the Hickam Air Force Base in Honolulu after their ouster following the 1986 Edsa People Power Revolution.

“We were all in tears and everyone said, ‘The end is nigh, it is finished, we are dead and doomed,’” Imee narrated.

“My father said, ‘No, children. To my family and to everyone, history is not done with me yet.”

… Imee said some people had described the Marcos 100 Forum as “very disappointing because it is very simple.” But the family organized a “humble celebration for an extremely austere and simple almost monkish man like my father,” she said.

She said: “There will be no parade, like what my mother [former first lady and now Ilocos Norte Rep. Imelda Marcos] wants. No concert, like what [former Sen. Ferdinand “Bongbong” Marcos Jr.] wants, and there will be no shows and dancing, like what I want.”

Instead, the family and the Ilocos Norte government organized debates, storytelling sessions, and a lecture series “that will define Marcos 100 in this very reflective effort, the Marcos legacy,” she said.

hard naman to fault the wife and children, family and friends, for celebrating the centennial of ferdinand marcos in as big a way as possible.  ferdinand marcos, after all, was, truly, unlike any other president we have had. 

The forum, hosted at the Mariano Marcos State University (MMSU) Teatro Ilocandia from September 8-9, is an effort of the Marcos family to make this year’s commemoration of their patriarch’s birthday mirror his character: “very cerebral, reflective, and mindful.”

It contrasts previous celebrations of FEM’s birthday every September 11, which had involved parades, flash mobs, concerts, and other festivities. Governor Marcos explained, “Gawin natin ang gusto ng tanging ama ko: simple, diretsuhin, payak, intelektwal, at palaisipan.”

The North remembers,” she said, “Ferdinand E. Marcos is, after all, every Ilocano. The story of every Filipino is embedded in that biography of being born of an arid and harsh landscape, struggling through life and every adversity, and finally coming out triumphant.”

Gracing the forum as lecturers are De La Salle University (DLSU) Professor Antonio P. Contreras; Former Cultural Center of the Philippines (CCP) President Dr. Raul M. Sunico; UP Prof. Clarita R. Carlos; lawyer Estelito P. Mendoza, solicitor-general during the FEM presidency; Marcos’ former Budget and Education Secretary Dr. Jaime C. Laya; and the former president’s namesake, Former Senator Ferdinand “Bong Bong” R. Marcos Jr.

Discussions revolve around Marcos’ sense and narrative of nationalism; the “Golden Era” of arts and culture during his administration; his foreign policy; FEM’s martial law; the Philippine economy during that time; and the barangay in institution-building.

“Why is it that this debate, this argument about who President Marcos is, continues to burn, unabated, a hundred years after his birth? What is his legacy? What do we bear today that bears his mark and will have changed the Filipino people forever and made the Ilocanos what they are today?”

the non-ilocanos remember, too.  i look forward to transcripts or videos posted online.  it could be enlightening to read / hear what some of our public intellectuals are saying about the marcos dictatorship these days, 28 years after his death, 31 years after his ouster.  palaisipan naman talaga.

Ang problema kasi noon, ang dami-daming trabaho ng papa ko na lahat umaasa sa kanya. Sa bandang huli, noong nagkasakit, nagkaloko-loko na kasi. Either talagang nakikinabang, o nag-abuso, o hindi alam ang ginagawa yung mga nasa baba. Kasi everybody, for years and years, siya ang inaasahan (The problem then was that my father was loaded with work that everyone relied on him. Towards the end, when he was sick, things got crazy. People below him either gained, abused or didn’t know what they were doing because everyone relied on him for so long),” the governor pointed out.

it can’t be easy spinning marcos history, especially now that they’ve offered to return some of the wealth that imelda had always claimed to be rightfully all theirs. i wonder now if duterte wasn’t supposed to announce it until after the centennial fiesta, but he couldn’t wait, needed to distract us from all the killings?

marcos was right, history is not done with him yet.  or with imelda and kids.  heto nga’t magsosoli daw ng yaman na hindi daw nila sadyang natangay.  kaloka.

by the way, it is not the first time such an offer has been made.  back in ’89, said vp doy laurel, marcos’s dying wish was to come home and be buried beside his mother, and he was prepared to donate 90% of his wealth to the philippine government and the filipino people via some foundation, except that imelda was willing to donate only 75 to 80%, and anyway cory didn’t even want to hear of it.

so this is a take two.  90% sounds good to me, actually.  that is, 90% of ALL the wealth, found AND unfound.  time to come clean.  may the spirit of the “monkish” father so inspire.

and then maybe let’s put it all in a trust fund of sorts, waiting for a visionary kind of president who truly cares, and actually knows what to do, to make the economy, and the politics, work not just for the few rich but for the many, many, many more who are poor.

a marcos milestone: an admission of “questionable wealth”

so, is it to distract us from the alleged links of paolo duterte to smuggling and shabu, this startling revelation by the president that the marcoses are offering to return some of the “questionable wealth” to help the economy?

“The Marcoses, I will not name the spokesman, sabi nila (they said), ‘we’ll open everything and hopefully return yung mga nakita na talaga (those that had been discovered),’” he added. The President said the Marcoses are also willing to return a “few gold bars.”

“Sabi nila na, malaki ang deficit mo, maybe the (sic) projected spending pero hindi ito malaki baka makatulong, but we are ready to open and bring back, sabi niya, pati yung a few gold bars (They said that, your deficit is high, maybe the projected spending but this is not big, maybe it will help, but we are ready to open and bring back, they said, even a few gold bars),” he said. 

in barely coherent sentences, but yeah, we get the drift even if  the president was very careful to say just enough so we get it that there is an offer, and he is open to the offer.  gov imee marcos, for her part, does not deny it, though parang she was caught unprepared, parang the prez didn’t warn them that he would be making it public when he did?

Imee pins hopes on Duterte to end all charges vs Marcoses
MANILA – Ilocos Norte Governor Imee Marcos on Tuesday kept mum about the possible return of the family’s ill-gotten wealth to the government, saying there are no formal negotiations about the matter.

“Wala pa, wala pa. Tiwala kami sa President na siya ang makakapagtapos ng deka-dekadang kaso at yung pamilya nag-uusap pa pero nasa kamay ng mga abogado,” she said when asked if negotiations have started about the return of the Marcos wealth.  Asked if there was an intention to return, the governor said: “Pag-usapan na lang ng mga abogado.”

The governor refused to take any more questions, advising media to instead wait for the statement of their legal counsel.

this distraction is up there as the most distractive of recent times.  because this is the first time ever that the marcoses are conceding that some plundering of the nation’s wealth did happen under ferdinand’s watch.  there is even a justification offered, acc to duterte:

“Sabi nila, isauli nila para walang ano—and the only reason, sabi nila, was the father was just protecting the economy for the [eventuality] na umalis siya. He thought of regaining the Malacañang, that is why ganito ang lumabas na parang naitago,” he added.

ferdinand and fabian did plan to recapture the palace.  the story is, marcos and ver meant to regroup and set up government in paoay kaya lang the marcoses made the mistake of asking the americans, and not the presidential pilots with choppers on standby, to fly them out of the palace.  upon cory’s request and reagan’s instructions, the americans flew him to hawaii instead.  which is why imelda and bongbong insist that they were kidnapped.

this is not to say that if marcos had made it to paoay, naisoli sana agad o nagamit nang maayos para sa bayan ang questionable wealth.  the only thing that’s clear is that if he had made it to paoay and managed to regroup and challenge the legitimacy of the cory aquino government, it would have meant civil war.  at ibinato pa rin sa kanya tiyak ang isyu ng nakaw na yaman, nadiskubre pa rin tiyak ang mga secret $ accounts at ang tone-toneladang ginto, at kung ano-ano pa.

it is quite conceivable, actually, that this is a sign na suko na, give up na, si imelda at ang magkakapatid.  maaaring ngayon lang nila na-realize o natanggap na hindi bibitawan ever ang isyung plunder in the time of marcos, and they’re finally tired of being the bad guys, still the kontravidas in the current telenovela of nation.  i imagine that they must really really like to be done with this three decades old case and wipe away the stain on the marcos name if only for the sake of the grandchildren and, sige na nga, ferdinand in his centennial year.  why not indeed.  in effect, this is a win for nation, panalo ang bayan — the marcoses blinked first.

save the nation movement‘s butch valdes thinks it’s a real offer.

Butch Valdes : … but it would need the cooperation of Duterte to make official requests to intl banks holding the gold. Their previous condition was that the Marcoses are exonerated from all cases against them by the Phil govt. FM’s will indicated that 90% be given to the filipino people thru acceptable foundations. I think Imelda wants it implemented before she goes.

siyempre galit na galit ang mga anti-marcos sa parteng ito: …”we’ll open everything and hopefully return yung mga nakita na talaga (those that had been discovered),” at dito rin: ‘The President said the Marcoses are also willing to return a “few gold bars.”’  dapat daw ay isauli LAHAT ng ninakaw.  at ang tanong nila ay, ano ang kapalit, ano ang ex-deal with the marcoses.  exoneration from all cases din kaya, as with international banks?  read  Palace vows return of Marcos wealth will adhere to laws.

it would be naive to think that the marcoses would ever give up EVERYTHING.  no doubt imelda has documents galore to prove that some of the wealth is legally theirs.  and they will surely quote from the bible: the child will not be punished for the parent’s sins; nor the wife for the husband’s, yes?  heto nga’t gusto na nilang magsauli ng hindi sa kanila.

kung magmamatigasan, negotiations could take another decade before a final settlement.  but because duterte needs the money now na, who knows, baka ma-fast-track nang katakut-takot, and next thing we know, done deal na.  according to justice sec vitaliano aguirre:

The president is authorized and has the power to make compromise or any agreement with the Marcoses. If there will be a new agreement, there should be enabling law or initiative law to be issued by the President himself,” he said.

top off my mind:  if imelda and the children are now admitting that ferdinand was guilty of some plunder, is he now still deserving of the burial as bayani?  what about imelda’s jewels?  will she continue to claim them as legally hers?  sana ibalato na niya sa taong-bayan.  she can spin it anyway she likes, basta she gives up her claim on condition that the jewels are showcased along with her shoes and ternos, soaps and perfumes, as artifacts of a time when she was quite the queen.  as tourist attraction, this would be a gift that won’t stop giving.