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House of Representatives ratifies bicam report on P3.002-T national budget for 2016
MANILA, Dec. 17 (PNA) — The House of Representatives assured there will be no reenactment of this year’s national budget by ratifying Wednesday night the bicameral conference committee report on House Bill........»»
Senate urged to pass counterpart bill vs digital fraud
A neophyte lawmaker from the House of Representatives called on his counterparts in the Senate to approve a measure that would prevent scammers from preying on unsuspecting individuals through digital fraud......»»
P1B for Marawi victims a cruel joke (1)
I beg my readers’ kind indulgence for using this column as a platform to air our grievances. This is something personal to us, and it is my moral obligation to add my voice to the public indignation sweeping a part of Morolandia. For transparency and disclosure, my family was a victim of the war and is seeking compensation for the damage to our precious possessions. Having said that, as the national budget deliberations for 2024 draw to a near conclusion, the public discourse in Morolandia on the compensation for the 2017 Marawi Siege victims heightened. It’s the issue much discussed in public fora, coffee shops, and social media platforms of Muslims. The Moro attention is largely riveted to the budget deliberations in the House of Representatives, where the budget bill originates by provision of the Constitution. Social media likewise reported the hearing conducted by the Oversight Committee for the Marawi Compensation Law jointly chaired by Senator Ronald dela Rosa and Rep. Zia Alonto Adiong. According to reports, P1 billion is proposed in the 2024 budget for compensation, which is the same amount appropriated in the current budget, alarmed resident victims. They have reason to fear that P1 billion is becoming the appropriation template for the ensuing years. The Marawi Compensation Board or MCB, created to process, approve and pay legitimate claims, will fold the tent and become a functus oficio in 2028 because the law provides for a five-year life span. Let’s do the math. If the budget is not increased, the aggregate appropriation for Marawi victims will only be P5 billion, which is ridiculously insufficient vis-a-vis the number of victims and the magnitude of their claims. From an unofficial report, we gathered that “as of 18 September 2023, there were 75 death claims, 74 structural claims, 1,858 other properties claims, and 4,041 multiple claims. Hence, there were 6,048 claims as of the latest report by the in-take team from July to September. (And) 362 claims have been evaluated or are ready for final deliberation.” The claims statistics are increasing exponentially by the day, with the list of claimants getting longer. The MCB asks for something like P10 billion or more as an aggregate ballpark figure to compensate all the victims. The sparse appropriation has triggered unkind comments from citizens calling the proposed amount outrageously deficient, cruel jokes and insulting the victims. While the public is amused by the stories in tri- and social media on funding for projects that are less urgent — like the millions needed for the confidential and intelligence funds of agencies to address “kuno” (allegedly) the threat of terrorism — here we have a situation where the threat of terrorism is real. Our security and intelligence authorities will tell you that the remnants of the ISIS-affiliated Maute Dawliyah Islamia group are just around the corner, engaged in sporadic hit-and-run guerrilla ambushes to make their presence known. Terrorist cells are confirmed to be existing in the hinterlands of Morolandia. The disgruntled victims of the Marawi war are easy prey for recruitment by the dissidents. There is no denying the depth and scale of the damage sustained by the Marawi victims of the war. The whole world was watching on their television sets for months the daily telenovela-like bombing of the city in what Confucious described as “burning the house to catch a rat.” We have written numerous published articles pleading for cessation of the bombing, but the thrashing by state authorities continued. We note with gratitude the public expression of support by Senator De la Rosa, chair of the Special Committee on Marawi Rehabilitation, who spent years studying at the Mindanao State University in Marawi City, along with Muslim Senator Robinhood Padilla. Senator Risa Hontiveros, in her recent trip to Marawi, saw for herself the progress of the claims processing and has likewise committed support. The list of senators and House representatives joining the chorus of support is getting longer. (To be continued) amb_mac_lanto@yahoo.com The post P1B for Marawi victims a cruel joke (1) appeared first on Daily Tribune......»»
Marcos prods Senate on seafarers’ magna carta
President Ferdinand Marcos Jr. has certified as urgent the enactment of the proposed Magna Carta of Filipino Seafarers that specifies the rights and ensures the welfare of Filipino mariners. In a letter dated 25 September to Senate President Juan Miguel Zubiri, Marcos underscored the need to immediately pass Senate Bill 2221 to address deficiencies in the training and accreditation of Filipino seafarers. The President said the problem areas have been endangering the continued employment of Filipino seafarers in the European market. If the law is passed, Marcos said Filipinos will be assured of maritime training compliant with international standards. The House of Representatives passed the Magna Carta of Filipino Seafarers (House Bill 7325) on final reading on 6 March of this year with 304 votes in favor. The Magna Carta of Filipino Seafarers is one of the 20 priority pieces of legislation that the President has asked Congress to approve by the end of the year, Zubiri said. The post Marcos prods Senate on seafarers’ magna carta appeared first on Daily Tribune......»»
Magna Carta of Filipino Seafarers certified as urgent
President Ferdinand Marcos Jr. certified as urgent the enactment of the proposed Magna Carta of Filipino Seafarers to specify the rights and ensure the welfare of Filipino seafarers. In a letter dated 25 September to Senate President Juan Miguel Zubiri, Marcos underscored the need for the immediate passage of Senate Bill No. 2221, titled “An Act Providing for the Magna Carta of Filipinos Seafarers.” The enactment aims to address recurring deficiencies in the domestic laws on the training and accreditation of thousands of Filipino seafarers which endanger their employment in the European market in particular and the global maritime arena in general. “Pursuant to the provisions of the Article VI, Section 26 (2) of the 1987 Constitution, I hereby certify to the necessity of the immediate enactment of Senate Bill No. 2221,” Marcos' letter read. The bill, Marcos added, ensures that the Philippines will uphold its commitment to ensure that Filipino seafarers receive training, facilities, and equipment that are on par with international standards and those established by pertinent international conventions. The House of Representatives already passed the Magna Carta of Filipino Seafarers (House Bill No. 7325) on final reading on 6 March of this year with 304 votes in favor. The Magna Carta of Filipino Seafarers is one of the 20 priority pieces of legislation that the President has requested Congress to approve by the end of the year, Zubiri said, who attended the third meeting of the Legislative Executive Development Advisory Council (LEDAC) last week in Malacañang. The post Magna Carta of Filipino Seafarers certified as urgent appeared first on Daily Tribune......»»
Senate to approve 17 bills up for final reading says Zubiri
The upper chamber will approve 17 bills that are set for the third and final reading, said Senate President Juan Miguel Zubiri on Saturday. Zubiri noted that four of these bills are part of the priority legislation of the Legislative-Executive Development Advisory Council or LEDAC while 12 are local bills for the improvement of state universities and colleges. “In fact, on Monday, we will approve four measures that are part of our LEDAC commitments. And so far, we are on track to meeting our deadlines because, by the end of this year, we hope to approve all 20 LEDAC priority measures pending in the Senate,” the Senate President said. Zubiri noted that the Senate has approved a total of five bills on second reading during the previous week which includes Senate Bill 2001 or the New Philippine Passport Act; SB 1846 or the Internet Transactions Act of 2023; SB 2224 or the Ease of Paying Taxes Act; SB 2028 or An Act Recognizing the Octogenarians, Nonagenarians, and Centenarians; and SB 2233 or the Public Private Partnership Act. These bills, except for SB 2028, are LEDAC priority bills, he said. “These measures will be up for final reading on Monday. The deliberations on these bills have been exhaustive and I am confident that we did a good job of crafting these pieces of legislation, the efforts and expertise of the legislative staff in the Senate included,” he added. There are two bills pending President Ferdinand Marcos Jr.’s signature including the Trabaho Para sa Bayan Act and the Local Government Unit Income Classification Act. The Philippine Salt Industry Development Act, meanwhile, has been approved by the Senate on final reading and is on standby for bicameral committee action. Zubiri said there are 12 local bills involving SUCs that are also up for approval on final reading. After the approval of the four LEDAC measures on Monday, the Senate will set the schedule for the bicameral conference committee hearing with their counterparts in the lower house, bringing the measures closer to enactment into law. Undergoing amendments before their approval on the second reading is the Magna Carta of Filipino Seafarers while the Anti-Agricultural Economic Sabotage Act—which has been certified as urgent and has a high possibility of being approved in its third reading. Further, the Real Property Valuation and Assessment Reform Act, Waste-to-Energy Bill, Mandatory Reserve Officers’ Training Corps, and National Service Training Program, as well as the National Disease Prevention Management Authority/Center for Disease Prevention Bill are all in the interpellation and are pending approval on second reading. Zubiri assured that the Senate will meet its commitment to approve on final reading the remaining 17 of the 20 LEDAC measures before the session adjourns in December of this year. The remaining LEDAC bills, he added, are all up for deliberations and discussions. ”With our pace in approving these LEDAC measures, I am confident that come December, all of our LEDAC commitments will have been met," Zubiri said. The post Senate to approve 17 bills up for final reading says Zubiri appeared first on Daily Tribune......»»
2 PBBM priority bills pressed for House okay
Two bills President Ferdinand Marcos Jr. listed in his wish list in Congress have been lobbied in the House of Representatives a day after the Chief Executive named it in his second State of the Nation Address. The proposed Tatak-Pinoy (Proudly Filipino) law and the Anti-Agricultural Smuggling Act, among Mr. Marcos’ 17 priority legislation that he asked Congress to enact, were embodied in House Bills 8601 and 8600, respectively, filed on 25 July by Quezon Rep. Keith Micah Tan. Marcos, during his second SoNA on Monday, bared before Congress his 17 priority bills in his second year in office, seeking its legislative power for its enactment. Seven of the total measures have already hurdled the lower chamber, with the remaining ten expected to be passed in October and December, confirmed by Speaker Martin Romualdez. Tan’s HB 8601 calls for the creation, funding, and implementation of the Tatak Pinoy Strategy by the Tatak Pinoy Council composed of the National Economic and Development Authority’s director general and Departments of Trade and Industry and Finance’s secretary. “The goal is to make the country competent in producing and offering complex or sophisticated products and services in order to empower the economic sector to branch out into other forms of complex production and economic activity towards jumpstarting national development that is anchored in the ingenuity of the Filipinos,” the lawmaker said in filing the bill. The proposal aims to make Filipino-made products, goods, and services competitive in the global market. Meanwhile, HB 8600, among other similar bills filed in the House, intends to amend Republic Act 10845, or the Anti-Agricultural Smuggling Act of 2016. Among the provisions is the imposition of harsher penalties s on anyone found to have smuggled agricultural goods into the country, considering that no one has been prosecuted under existing laws despite the widespread smuggling of rice, sugar, onions, carrots, garlic, fish, and pork, Tan said. Last year, the government seized P1.2-billion of smuggled agricultural products. Also last year, the country experienced an agricultural shortage, primarily in onions, which soared as high as P500 to P700 per kilo during the last quarter of 2022. Earlier this week, Speaker Martin Romualdez has vowed that the House will approve four bills, including the Tatak Pinoy and Anti-Agricultural Smuggling before Congress goes into its first recess in October in the 10 priority measures that the chamber has yet to pass. The post 2 PBBM priority bills pressed for House okay appeared first on Daily Tribune......»»
United House gets things done
As the 19th Congress convened on 25 July 2022, then newly-elected House Speaker Ferdinand Martin G. Romualdez immediately saw the need for quick delivery of government services to help the country and our people recover from the ravages of the coronavirus pandemic. Romualdez stressed that the key to achieving this daunting task is for everyone to pull together — and that is what he set himself to do and the impressive performance the House for the First Regular Session of the 19th Congress indicated the wisdom of the path he has chosen. When the House adjourned sine die on 2 June 2023, it managed to approve 33 out of 42 bills listed as priority measures of President Ferdinand Marcos Jr. and the Legislative-Executive Development Advisory Council. Moreover, through Romualdez’s stewardship, the bigger chamber was able to process a total of 9,600 measures consisting of 8,490 House bills, 1,109 resolutions, and one petition, with 577 bills approved on third reading. This means the House processed 30 measures per session day, or 10 percent higher than the previous Congress for the same period. In his speech at the House plenary just before the sine die adjournment of the First Regular Session of the 19th Congress recently, Romualdez credited the hard work of the House members for the past 10 months, which helped shape the successes achieved by the legislature in line with President Ferdinand Marcos Jr.’s socio-economic development agenda. “Needless to say, our first regular session has been both eventful and productive,” Romualdez said. “Congratulations to everyone for this impressive performance. You did not take your jobs lightly. You conducted yourselves with a sense of pride, professionalism and responsibility. You have carried out your individual roles with zest, making sure that you serve as effective voices of your respective constituents.” Likewise, Romualdez expressed gratitude for the significant contributions of the Minority Block, led by Minority Leader Marcelino Libanan. “Your close scrutiny of every piece of legislation has allowed us to bring depth, richness and nuance in the performance of our legislative duties,” Romualdez said. “We also thank all the Deputy Speakers, the Majority Leader, Honorable Manuel Jose ‘Mannix’ M. Dalipe, together with all the Deputy and Assistant Majority Leaders, and Chairpersons of the Standing and Special Committees. With your incessant support, the House of Representatives has approved on third and final reading, 33 out of the 42 priority measures listed in our common legislative agenda.” Among the measures that the House approved on third and final reading during the past 10 months include the proposed Maharlika Investment Fund, Magna Carta of Seafarers, E-Governance Act/E-Government Act, Negros Island Region, Virology Institute of the Philippines, Passive Income and Financial Intermediary Taxation Act, National Disease Prevention Management Authority or Center for Disease Control and Prevention, Medical Reserve Corps, Philippine Passport Act; Internet Transaction Act/E-Commerce Law, Waste-to-Energy Bill, Free Legal Assistance for Police and Soldiers and Apprenticeship Act. Also passed on third reading were the Build-Operate-Transfer Law, Magna Carta of Barangay Health Workers, Valuation Reform, Eastern Visayas Development Authority, Leyte Ecological Industrial Zone, Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery, National Citizens Service Training Program and National Government Rightsizing. During the final week of sessions, the House gave final approval of LEDAC measures, House Bill 8203, or the proposed Bureau of Immigration Modernization Act; and HB 8278, or the proposed Philippine Salt Industry Development Act. The Speaker reported that the House of Representatives ratified the bicameral conference committee report relative to establishing specialty centers in hospitals under the direct supervision and control of the Department of Health. Moreover, he said it is worthy to note that both Houses of Congress have agreed on a version of the Maharlika Fund, the country’s first-ever sovereign investment fund, designed to promote economic development by making strategic and profitable investments in key sectors including public road networks. The post United House gets things done appeared first on Daily Tribune......»»
Zubiri admits ‘honest oversight’ over disputed sections in MIF, denies tampering
Senate President Juan Miguel “Migz” Zubiri on Thursday denied the allegation of tampering with the enrolled copy of the controversial Maharlika Investment Fund bill. “First of all, there is no such thing as tampering. There was never a plan to tamper. There was no sinister move to tamper, [and] there was no tampering that took place,” Zubiri told reporters at the Kapihan sa Senado. “We just want to put on record that we just reflected the true intention, let me repeat, the true intention of the provisions as reflected in the transcript of records,” he added. He continued: “The enrolled bill – which I signed in Washington D.C. – is the truthful reflection of the intent of the members of Congress. That is the intent of the majority.” Zubiri, who has returned from a three-week official trip to the United States, responded to the allegations made by Senate Minority Leader Aquilino “Koko” Pimentel III. Last week, Pimentel, a staunch critic of the measure, said the enrolled Maharlika bill has been “tampered” without proper plenary authority, stressing that it raises serious questions about the constitutionality of the bill. “The enrolled bill being sent to the President is not the version properly and formally approved by Congress. There was a provision that they fixed without plenary authority,” he said. “The revisions made were not just a matter of style. It showed a flagrant violation of our rules and the Constitution,” he added. The lawmaker is referring to the different terms and prescriptive periods found in Sections 50 and 51 of the MIF bill. In the approved version of the MIF bill, Section 50 prescribes 10 years for the prosecution of crimes and offenses, while Section 51 provides 20 years. According to Zubiri, the “erring” provision in the measure was an “honest oversight” on the part of the Senate secretariat. “Maybe because it was already morning that time, that’s the last day of work. It was an honest oversight of our secretariat,” he said. After learning the contrasting provisions in the measure, Zubiri said, Senator Mark Villar, author, and sponsor of the Maharlika bill, sent him a letter to merge the two provisions and retain the 10-year period. Based on the excerpts from the Transcript of Stenographic Notes during the Senate plenary discussion on the Maharlika bill on 31 May -- distributed by the Senate leader -- Villar refused to accept the amendment of Senator Risa Hontiveros to add a new section that would prescribe a 20-year period. Zubiri also noted that the meeting between senators and members of the House of Representatives on 31 May was “not an official bicam” or bicameral conference committee. ‘Pending on House’ The Senate chief said that the Maharlika bill is now pending in the House of Representatives for Speaker Martin Romualdez’s approval. He noted that Romualdez may sign the enrolled copy of the Maharlika bill next week. “It just came back this week. It would be signed soon. The Speaker is committed to signing it,” he said. After the approval of the Speaker of the bill, Congress would then transmit it to Malacanang for the president’s approval. The post Zubiri admits ‘honest oversight’ over disputed sections in MIF, denies tampering appeared first on Daily Tribune......»»
Catholic school students say no to ROTC
More than half of Catholic school students expressed disapproval of the proposed revival of the mandatory Reserved Officers’ Training Corps or ROTC program in schools, according to a survey conducted by the Catholic Education Association of the Philippines. Published in the May 2023 issue of the CEAP Online Gazette, the study showed 53 percent of the 20,461 respondents said they disapprove of the mandatory ROTC program, 32 percent of which said they “strongly disagree.” CEAP said that among the said population of students who said no to mandatory ROTC, 54 percent said that bringing back the program ‘would be an added burden’ to them, while 42 percent of them also cited burden in expenses, saying that the program would bring additional costs. Some 34 percent of students who disapproved of the mandatory ROTC program also said that they have been “alarmed by the threat of violence and corruption.” Other cited issues include the program clashing with their religious beliefs, health and safety concerns and some personal opinions that it needed to be a voluntary measure in schools. The same study also noted 28 percent of the population sample expressed support for mandatory ROTC, with 68 percent of them citing the need for military training, physical activities, disaster preparedness skills and civic engagement through the program. Nearly 50 percent of them also said that the program would instill discipline, patriotism and nationalism, and would be helpful in compensating students. CEAP conducted the survey from 3 to 24 April of this year with 20,461 respondents, 65 percent of which are females, and 35 percent males, and 70 percent of whom are enrolled in senior high school and the remaining in higher education. The return of mandatory ROTC in schools has become a highly-disputed issue among the youth and academic sector, yet President Ferdinand Marcos Jr. and Vice President Sara Duterte, expressed their support for reinstating the program in schools. In legislation, mandatory ROTC, through a two-year National Citizens Service Training program, has been approved in the House of Representatives. The Senate has yet to approve their version of the bill, with six bills on the measure currently pending. One thing to note is that the opinion polls on the issue have been different, with Pulse Asia’s March survey saying that eight in 10 Filipinos support ROTC, while the Social Weather Stations’ poll said that only 42 percent support the program as an optional measure. The post Catholic school students say no to ROTC appeared first on Daily Tribune......»»
Maharlika fund to be operational by year end
The Maharlika Investment Fund (MIF), the country’s sovereign wealth fund, is expected to be fully operational by the end of 2023, Finance Secretary Benjamin Diokno recently said. The Finance Secretary said this during his weekly talk to the reporters after Congress approved the bill creating the Maharlika Investment Fund last week. Diokno added that it will now be sent to Malacañang for President Ferdinand R. Marcos Jr. to approve before the President’s second State of the Nation Address in July. “We’re expected to prepare the implementing rules and regulations (for the Maharlika fund law); we’re expected to look for people to man the Maharlika Investment Corp. I expect (the fund) to be fully operational before the end of the year,” Diokno said. Diokno also noted that pension funds may invest in projects, as long as they do not infuse equity. To recall, the Senate made a provision in its bill that prohibits government pension and insurance funds, specifically the Government Service Insurance System, Social Security System, and Philippine Health Insurance Corp. from providing initial funding for the fund. “If there is a big project and the GSIS or SSS wants to subscribe for or invest in because of the high returns, they can do it. This is for projects, but not equity,” Diokno said. Meanwhile, National Treasurer Rosalia de Leon said that Maharlika Investment Corp., which is tasked to manage the fund, will have initial capital of at least P75 billion by the end of the year. “The corporation has an authorized capital stock of P500 billion. That is the authorized stock, then the National Government together with LANDBANK and DBP will subscribe (for shares). That will raise P125 billion. But the initial paid-up capital will be coming from the two government financial institutions — P50 (billion) and P25 billion (for) the corporation,” De Leon said. “You have to distinguish between the corporation and the fund. The corporation is the one that will manage the fund,” the National Treasurer added. De Leon also said that the MIF can help reduce government borrowing. “Without Maharlika, how do we fund our projects? Before, it was through debt. This time around (it can be) equity so we can reduce government debt,” she added. For Diokno, the MIF aims to maximize national resources by generating profits to boost the economic objectives of the Marcos administration. He mentioned that the fund will be allocated across various assets, such as foreign currencies, fixed-income securities, both domestic and international corporate bonds, joint ventures, mergers and acquisitions, real estate, and significant infrastructure projects. The post Maharlika fund to be operational by year end appeared first on Daily Tribune......»»
MIF now or never
The chief obstructionist in the Senate, who was not even present when the voting took place after a marathon session that resulted in the approval of the Maharlika Investment Fund bill, is hysterically suggesting that President Ferdinand “Bongbong” Marcos Jr. veto the measure. Senate Minority Leader Aquilino “Koko” Pimentel III claimed the bill, after going through deliberations in the chamber, was full of contradicting provisions. The position he has taken exposes his dense nature as a nitpicker who should not be in the Senate. He had the chance to work for the improvement of the bill but his priority as a member of the legislature, instead, was to block its passage. Now, Pimentel is throwing dirt on the bill which his colleagues had to stay up late for, until dawn, before the congressional break, to approve. The bill was sent to Malacañang for Marcos’s signature — which will be soon considering that the President has been adamantly pushing the creation of the fund — after both chambers of Congress approved the proposal Wednesday. The Chief Executive knows that the creation of the MIF is overdue as the economy’s toughest challenge is to generate investments. Yearly, the Philippines lags behind its neighbors in Asia in terms of enticing foreign capital. The MIF will be a magnet for serious investors who look at the long-term prospects of the economy. An economist said that for serious investors, the time to invest is now when most of the global market is bad. When activity picks up, the returns will be higher, the economist explained, to debunk the warning of its detractors that the MIF will be prone to bankruptcy. The wealth fund will primarily tap government income from resources such as the Malampaya royalties that were earlier reported as having been misused. Finance Secretary Benjamin Diokno said that income from resources can also be generated from the radio frequency bandwidth that should be auctioned off instead of being awarded by the government. “Why does the government just give it away to the telcos?” Diokno asked. Another possible resource is the reclamation projects which should also be auctioned off to generate income for the government, he said. The President’s economic managers dismissed contentions that the high debt level which became bloated during the pandemic would deter interest in the MIF. “The way to look at public debt is about the economy’s size. Like a household’s income, if a family earns P20,000 and you borrow P3,000, it is manageable, but if you’re not earning anything and you have a lot of debts then you’re in trouble,” Diokno said. The debt to GDP ratio is about 60 percent, which is fairly manageable based on the current standards compared to other countries which have a 200 percent to 300 percent ratio mainly as a result of spending for programs to address the effects of the pandemic. Many of the debts are long-term, some of which stretch to a maximum term of 40 years,” Diokno said. Now the International Monetary Fund accepts as reasonable a 70-percent debt level in comparison to the economic output. In the Association of Southeast Asian Nations or ASEAN region, Singapore, Malaysia, Indonesia, Vietnam and East Timor have their equivalent of a sovereign wealth fund and these are heavily contributing to their efforts to pull in the capital. Pimentel had blown up opportunities in the past to effectively lead the chamber due to his lack of political will in spearheading changes, which had led to his colleagues withdrawing their confidence in him. Now he is trying to project that lack of inner courage onto the President who has made the MIF his crusade, by calling on him to veto the bill and return it to the House of Representatives. Politics has been blamed for the nation’s failure to realize its full potential, which is best mirrored in Pimentel’s obstructionism. The Senate has put up enough safeguards for the MIF to be shielded from the threats of corruption. Moreover, the overwhelming support of the legislature for the sovereign wealth fund indicated the acknowledgment of elected officials of the need for the fund. Several foreign financing groups have indicated their interest in the MIF, which in themselves are opportunities that will be lost, perhaps with rival economies grabbing them, the longer that the approval of the MIF is delayed. The post MIF now or never appeared first on Daily Tribune......»»
Zubiri: 22 measures ready for signing
As the first regular session of Congress ended Wednesday, a total of 22 proposed measures moved a signature of President Ferdinand Marcos Jr. away from becoming laws. Of the 22 approved bills, Senate President Juan Miguel Zubiri boasted that eight were approved by the Senate. “The Senate produced a total of six measures enacted into law — four of national application and two local laws,” Zubiri said in a statement on Thursday. “Twenty-two bills are now also up for the President’s signature — seven of them national, 15 local. Two national bills are pending in the bicameral conference committee, and six more national bills have been approved on third reading,” he added. Zubiri said eight measures approved by the Senate are priority measures of the administration. Three of these measures had passed into law, namely, the SIM Registration Act, the Act Postponing the Barangay Elections and the AFP Fixed Term Law. Meanwhile, the Condonation of Unpaid Amortization and Interest on Loans of Agrarian Reform Beneficiaries Act, the Regional Specialty Centers Act, the Extension of the Estate Tax Amnesty Act, and the Maharlika Investment Fund Act are awaiting the signature of the President. The Trabaho Para sa Bayan Act was approved by the Senate on the third reading and needs only its House counterpart before it can move forward. The Maharlika Investment Fund bill was one of the last measures approved by the chamber after a 12-hour marathon session that ended at 2:32 in the morning of Wednesday. Zubiri stressed that the Senate in the first regular session of the 19th Congress had stood up to its mandate by making sure that the bills approved by the chamber were “quality” measures. “While this scoreboard shows the quantity of our output, it does not describe the quality of each of these measures,” he said. “True to our tradition, we do not agree to proposals without discussion, nor embrace ideas without debate. We improve before we approve. We do not trade scrutiny for speed,” he said. He credited the performance of the Senate to his colleagues. “All of the senators across the majority and the minority have toiled very hard, from the committee hearings to the rigorous debates and interpellations in plenary,” he said. “If the Senate has had an excellent performance thus far, it is all thanks to them,” he added. He also highlighted various local measures taken up by his fellow senators, which he said would “infuse much-needed funding into local governments and schools.” The post Zubiri: 22 measures ready for signing appeared first on Daily Tribune......»»
Escudero: MIF bill a ‘leap of faith into great unknown’
Senator Francis Escudero is still contemplating the uncertainties in the return of equity threshold compulsory to the two state-owned banks as envisioned through the ‘Maharlika’ Investment Fund or MIF. Escudero has called on for more “earning guarantees” in the MIF bill, which the Senate intends to approve before the legislative break comes next week, saying that the seed money put by the Land Bank of the Philippines and the Development Bank of Philippines Maharlika Investment Corporation or MIC, must earn more than its current average investment yield of 6 percent. The senator warned that “without benchmark in yields”, the LBP and DBP will be earning less than 6 percent of their income threshold. “The idea is that the Land Bank and DBP should grow the money and not go bankrupt. Remember, the bill makes their equity compulsory. So in exchange, will there be guarantees as to their returns as well?,” said Escudero, who used to chair the Senate committee on banks, financial institutions, and currencies committee. Escudero said the bill, as presently worded, "is a leap of faith to the great unknown.” He added he has yet to hear a full explanation of how much the two banking giants will earn from their Maharlika investments. "Landbank and DBP, during the hearings, said they were earning on average 6 to 8 percent. So, let us average it up at 7 percent. You have to give Landbank and DBP a return of at least 7 percent per annum on what they invested in MIC. On top of that is the 2 percent administrative fee cap the MIC may use,” he pointed out. Senate Bill 2020 or MIF states that the total authorized P500 billion in capital stocks of the MIC, the initial P125 billion worth of MIC common stocks to be subscribed by the national government amounting to P75 billion shall be fully paid respectively—LBP for P50 billion and DBP for P25 billion. "Then we have to factor in inflation. So easily, the yield will be in the two-digit zone. In any investment pitch, the income output is the most important bottom line. An investment is made because one is convinced that it will make money. Not behest. Not something coerced through legislation,” Escudero pointed out. While the proposed measure allows the two banks to seek regulatory relief from the Central Bank if their position falls below standards, Escudero stressed: "This should not happen." “And to dangle this as the standard reply to issues validly raised is not the comforting answer we want to hear. Once a regulatory relief is sought "that means the banks already lost a lot of money," he said. The post Escudero: MIF bill a ‘leap of faith into great unknown’ appeared first on Daily Tribune......»»
Migz: MIF gets nod before Senate adjournment
The Senate will approve its own version of the controversial Maharlika Investment Fund bill by next week, Senate President Juan Miguel “Migz” Zubiri said Thursday. “The plan is to approve it by the second and third reading next week. We are accommodating the last few members who want to interpellate on Monday then we can open the period of amendments immediately after,” Zubiri said in a text message to reporters. “As a certified measure, we can close and approve the bill on that same week. Hopefully, the House can adopt our version which we improved with more safeguards in place to avoid possible misuse,” he added. He made the remarks after President Ferdinand Marcos Jr. certified Senate Bill 2020 as a priority legislative measure. The House of Representatives approved the third and final reading of House Bill 6608, or the proposed MIF bill before adjourning for the Christmas break last year. Congress will adjourn sine die on 2 June. Should the House agree to adopt the Senate version of the proposed measure by next week, the bill would be enrolled automatically for the President’s approval. The post Migz: MIF gets nod before Senate adjournment appeared first on Daily Tribune......»»
Senate to approve Maharlika bill next week – Zubiri
Senate President Juan Miguel “Migz” Zubiri on Thursday said the upper chamber will approve its own version of the controversial Maharlika Investment Fund bill by next week. "The plan is to approve it by second and third reading next week. We are accommodating the last few members who want to interpellate on Monday then we can open the period of amendments immediately after," Zubiri said in a text message to reporters. "As a certified measure, we can close and approve the bill on that same week," he added. He made the remarks a day after President Ferdinand Marcos Jr. certified Senate Bill No. 2020, its own version of the proposed Maharlika Investment Fund, as a priority legislative measure. Its counterpart, the House of Representatives approved the third and final reading of House Bill No. 6608, or the proposed MIF bill, before adjourning for the Christmas break last year. The Senate is still discussing the proposed measure, more than a week before the sine die adjournment on 2 June. Zubiri also called on the House of Representatives to adopt its version of the proposed MIF bill, saying it has “more safeguards.” “Hopefully, the House can adopt our version, which we improved with more safeguards in place to avoid possible misuse,” he added. Should the lower chamber agree to adopt the Senate version of the proposed measure by next week, the bill would be enrolled automatically for the President’s approval. The post Senate to approve Maharlika bill next week – Zubiri appeared first on Daily Tribune......»»
PBBM certifies Maharlika Investment Fund bill as urgent
President Ferdinand Marcos Jr. has certified Senate Bill No. 2020, which seeks to establish the Maharlika Investment Fund, as a priority legislative measure. In a letter to the Senate dated 22 May, Marcos cited the “compelling need” for a “sustainable national investment fund” amid the rising inflation rate driven by various factors. “Pursuant to the provisions of Article VI, Section 26 (2) of the 1987 Constitution, I hereby certify to the necessity of the immediate enactment of Senate Bill No. 2020,” the letter read. “With the downgrade of the global growth projection this year on account of debilitating inflation, fluctuating and unstable prices of crude oil and other fuels due to the protracted conflict between Ukraine and Russia, and continuing interest rate hikes in the international financial sector, 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,” it added. The letter, which was received by the Senate on 23 May but only released to media by 24 May, was addressed to Senate President Juan Miguel “Migz” Zubiri. The House of Representatives had approved on third and final reading House Bill No. 6608, or the proposed MIF bill, before adjourning for the Christmas break last year. Its counterpart, the Senate, is still discussing the proposed measure more than a week before the sine die adjournment on 2 June. On Tuesday, Zubiri urged the economic managers, including Finance Secretary Benjamin Diokno, to personally attend the interpellation at the Senate “for them to show support for the measure and help rally the members to help pass the measure.” Asked if the upper chamber will approve the Maharlika Investment Fun bill on third and final reading today, the Senate chief said: “Not really.” The Senate is “targeting” to approve the measure “next week,” he added. The post PBBM certifies Maharlika Investment Fund bill as urgent appeared first on Daily Tribune......»»
Zubiri to Salceda: Want Senate to pass tax measures fast? Submit them early
Senate President Juan Miguel “Migz” Zubiri on Tuesday pushed back against Albay 2nd District Representative Joey Salceda’s challenge to the Senate to act fast on proposed measures seeking to extend the tax amnesty. In a Viber message to reporters, Zubiri stressed that the House of Representatives should have passed the measure before the Holy Week if it had wanted the Senate to approve them before the sine die adjournment on 2 June. “If Congressman Salceda wanted it quicker, then they should have passed it before the Holy Week break,” he said. “It has to be first transmitted to the Senate before any action can be made, that’s the Constitution.” Zubiri noted that House Bill No. 7909 was only transmitted to the upper chamber on Tuesday after the House of Representatives approved it on Monday. “First of all, all tax measures emanate from the House of Representatives and they just passed that on 3rd reading and only transmitted to the Senate today,” he said. “The committee is about to hear the bill on Friday. Hopefully, it will be sponsored by Monday next week.” The Senate chief reminded Salceda of the first reading requirement of the Constitution on legislation. “I'm sure Congressman Salceda is not ignorant of the first reading requirement of the Constitution on legislation, thereafter the three-day rule for committee hearings,” he said. “After which, we sponsor the measure in plenary and then pass it on second reading, which takes another three days for the third reading unless the measure is certified as urgent by Malacañang.” Zubiri continued: "We are going to act on the matter with dispatch but it would have been better if the House passed it earlier." Earlier this week, Salceda, who chairs the House Committee on Ways and Means, urged the Senate to act on the HBN 7909 immediately, fearing that it would “expire” should the upper chamber fail to approve it before the sine die adjournment. HBN 7909 aims to provide tax amnesty extension to heirs of individuals whose estate taxes remain unpaid as of December 31, 2021. Should the upper chamber fail to act on it before the sine die adjournment on 2 June, the amnesty will lapse on 1 June 2023. The post Zubiri to Salceda: Want Senate to pass tax measures fast? Submit them early appeared first on Daily Tribune......»»
Foreign chambers seek creation of PTSB
The members of the Joint Chambers of the Philippines, along with the Safe Travel Alliance and the International Air Transport Association, are urging both houses of Congress to reconsider and approve the bill creating the Philippine Transportation Safety Board after the air traffic systems glitch that affected the country’s main gateway......»»
Bill creating virology institute passes 3rd reading
A total of 216 lawmakers voted yesterday to approve on third and final reading the re-filed bill that would pave the way for the establishment of a virology institute to spearhead the country’s defense health system against pandemics......»»