‘Bigger role for PSE with Maharlika law in place’ READ MORE:
the country’s development through earnings from stocks that would be used for projects to spur business activities, create more jobs, and implement needed social programs.
“There is a compelling need for a sustainable national investment fund as a new growth catalyst to accelerate the implementation of strategic and high-impact large infrastructure projects that will stimulate economic activity and development,” President Marcos said in his message to the Senate, certifying the Maharlika Investment Fund as urgent.
He said the inauguration of the PSE Events Hall is a testament to the agility and resilience of the exchange to adapt quickly to see and seize opportunities in our ever-changing state of affairs, citing its move to online trading to adapt to the challenges posed by the coronavirus pandemic. In the Senate, the President’s sister, Senator Imee Marcos, expressed reservations about the Maharlika fund, saying there was no windfall in government revenues to create the wealth fund. “I don’t feel any windfall right now,” she said in Filipino. “All I can feel is debt.”But Senate Minority Leader Aquilino Pimentel III said the MIF bill was “unsalvageable and beyond repair.”
Pimentel said creating an investment fund – with a price tag of P500 billion – would require the government to divert resources away from more immediate priorities such as addressing poverty, hunger, education gaps, joblessness, healthcare deficiencies, and the country’s ballooning debt. Senator Francis Escudero said the bill’s purpose, direction, and funding source were “still vague and nebulous.”
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