Maharlika moromoro
moromoro Sp. n. stage play depicting struggle between Moros and Christians. Syn. komedya. [Panganiban 1972]
“Magmoro-moro na lang kayo,” President Marcos the Senior is said to have instructed the Tanodbayan and a Sandiganbayan justice, once upon a time. As in, just put on a show. His parting words: “Thank you for your cooperation. I know how to reciprocate.” [G.R. 72670]
Iyan mismo ang datíng sa akin ng final deliberations on, amendments to, and passage of the Senate version of the controversial Php 500 billion Maharlika Fund bill na madaliang naganap Monday and Tuesday sa Senado. Madalian din ang bicameral conference na naganap Wednesday kung saan agad-agad inaprub ng Lower House ang Upper House version “in principle — subject to style.”
Para bagang nagpalabas lang ang mga senador, a show of resistance, with pahabol “safeguards” that may or may not work, may or may not be applied, but at least they tried? What’s for certain is that the 19 didn’t have the heart to say no to the president’s “urgent” request, bahala na si Batman, ehe, si BBM. Super galing naman kasi ang timing ni presidente: he certified Maharlika as “urgent” May 25, giving the senators exactly a week to get it passed and bicammed before the senate adjourned June 2 for a 50-day break.
ANA MARIE PAMINTUAN: Do lawmakers know the exact nature of the Maharlika fund that they have approved with impressive speed?
Investors will want to know where their money will be placed. International investment banker Stephen CuUnjieng says the measure was so hastily passed that provisions allow Maharlika to function both as a national development fund and a sovereign fund that can be invested in “everything everywhere all at once.”
It clearly didn’t matter to lawmakers. Proving (again) that it’s not only the House of Representatives that is a Malacañang rubber stamp, the Senate dutifully passed the bill creating the Maharlika fund in record time. The House, no surprise there, immediately adopted the Senate version. Truly, the two chambers are as thick as thieves. [https://www.philstar.com/opinion/2023/06/02/2270795/everything-everywhere]
Salamat kay Senator Koko Pimentel for doing the research and taking the time to explain his objections in very practical terms sa turno en contra (indeed, the road to hell is paved with good intentions). His pointed questions, many left unanswered, in the interpellation of the bill’s sponsor, were also most enlightening.
Salamat din kay Senator Chiz Escudero for the amicus curiae moment, warning his colleagues that certain requirements of the Constitution re the creation of a Government-Owned and Controlled Corporation (GOCC) such as the Maharlika Investment Fund were not fulfilled. For the public good nga ba? Economiically viable and sustainable nga ba?
Salamat na rin kay Senator Risa Hontiveros for her lone categorical NO vote, even if largely symbolic.
As for Senate Prez Migs Zubiri, I would very much like to hear him defend the MIF in Plaza Miranda, warts and safeguards and all.
DIWA GUINIGUNDO: [T]he MIF is many things. One, it is untimely; two, its method of sourcing funds could destabilize public finance and ultimately raise our national debt; three, the BSP could be compromised as an autonomous and independent monetary authority; and four, it could further worsen governance and patronage. In other words, there is a great likelihood of market failure. [https://mb.com.ph/2023/02/17/maharlika-fund-some-fundamental-issues/ ]
Under the one single fund concept, whatever public money is earmarked for the Maharlika Investment Fund and away from the national budget, the national government will have to compensate for that. And to be able to do that, the national government will have to borrow or to impose higher taxes or more taxes. There is no other way [https://www.cnnphilippines.com/news/2023/5/31/Guinigundo-diverting-public-funds-to-Maharlika.html]
ALEX MAGNO: Through all the debate, supporters of the MIF never arrived at a clear statement of purpose for setting this up. If it is to grow capital for future generations for Filipinos, then it should be primed with enough nimbleness to outwit and outmaneuver the giant institutional investors out there. It should be enabled to roam all the world’s markets scouring for the biggest returns. It must be super profitable to make it worthwhile. Then the money it accumulates from its smart operation as an institutional investor should be locked in for future generations to enjoy. In which case, it contributes nothing to our near-term development goals.
If the purpose is to serve as a source of project funding for development projects, then it must be able to offer cheaper loans than other alternatives such as official development assistance (ODA) granted by friendly entities. Remember that most ODA earn nothing but goodwill for the countries and multilateral institutions lending them out. To provide a better option for ODA borrowing, the MIF must earn nothing. [https://www.philstar.com/opinion/2023/06/01/2270657/useless]
MARENG WINNIE MONSOD. What projects are this fund going to finance? If they want to finance what’s in the Philippine Development Plan, fine. … but this fund, what are they doing? They’re going to invest in blue chip stocks? What will that contribute to development? … What they’re trying to do, in investing in bluechip stocks, is supposedly to make a profit higher than government agencies can make…. I don’t understand it. Medyo confused sila eh. Martin Romualdez is confused, talking about the stock exchange etc.
Where are we going? From one confused person to another confused person to a confused public. I mean, is that a way to pass a law? Why didn’t they make it transparent to everybody so that everybody could find out what is going on? You know. Now it’s such a well-guarded secret because they just want to pass it. Isn’t that terrible? [“Winnie Monsod: Passage of MIF strictly a political move, not an economic move” https://www.youtube.com/watch?v=pzz68LDtT9Y]
And then, again, the 19 senators may know something the rest of us don’t know, maybe some inside info that’s particularly reassuring for their vested interests? Maybe it was as much a moromoro as it was an exercise in realpoliitik, moved by practical rather than moral considerations — a matter of political survival in this heavily toxic times? eyes on 2025 and 2028? Perhaps that’s why the whole affair smacked of suck-up politics. No doubt the prez would know to reciprocate.