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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......»»
Taking MIF slow, steady
With the period of interpellation on the controversial Maharlika Investment Fund bill ending abruptly early Tuesday, a long list of clarificatory questions by the minority bloc remained unanswered. Voting has been set this week before the senators adjourn sine die on Friday. With the minority having been outvoted again, does this mean the MIF bill, considered a priority measure of the Marcos administration, has a good chance of making it? A House panel, as we know, already approved last Monday amendments to the bill pushing for the creation of a sovereign wealth fund. The committee members agreed during a closed-door executive session to revise some provisions of the bill to ensure there are safeguards in the handling of funds and jail time for those who will violate its stipulations. But what really is the MIF and why does it seem that our lawmakers are such in a hurry to pass it? Economic managers are one in saying that the MIF is aimed at supporting the country’s economic growth and development. Its establishment, proponents say, can generate positive sentiment among international investors, signaling stability and long-term economic planning. This could potentially attract foreign direct investment and stimulate economic growth. The MIF, they claim, can allocate funds for infrastructure projects that can foster regional development and create employment opportunities. A sovereign wealth fund, according to its backers, allows for the diversification of the country’s assets by investing in a variety of sectors and asset classes, such as stocks, bonds and real estate. Diversification mitigates risk and can generate higher returns, bolstering the overall financial stability of the nation. At a cursory glance, it looks like the MIF is indeed the answer to our country’s financial woes. But such is not the case. A lot of critics, including the President’s own sister, Senator Imee Marcos, look at the bill with cynicism, claiming Senate Bill 2020 is still vague and she would not allow its immediate passage. The present form of the Senate version of the MIF bill, she said, is still in the process of amendments. “I will not allow it if ever it will be approved immediately because it’s a huge sum of money, “ she said. “Our children will be buried in debt. It is something that should not be fast-tracked.” One of the concerns in the establishment of a sovereign wealth fund is the need for fiscal discipline and transparency in its management. There is a risk of mismanagement or corruption, which could undermine the fund’s intended purpose and erode public trust. Analysts believe investing a significant portion of the country’s funds in a sovereign wealth fund could divert resources away from other pressing needs, such as education, healthcare, and poverty alleviation. It is crucial, they say, to strike a balance between long-term investments and immediate social and developmental priorities. As with most financial instruments, sovereign wealth funds are not immune to market volatility and risk. Economic downturns or adverse global events can result in significant losses, affecting the value of the fund and potentially impacting the nation’s overall financial stability. Without a doubt, the MIF bill has the potential to bring significant economic benefits to the Philippines, including attracting foreign investment, fostering infrastructure development, and diversifying the country’s assets. However, it also carries inherent risks, such as the need for fiscal discipline, opportunity costs, and market volatility. To maximize the bill’s positive impact, it is crucial to implement robust governance frameworks, prioritize social development, and adopt effective risk management strategies. By carefully addressing these challenges, the Philippines, analysts believe, can harness the potential of a sovereign wealth fund to promote sustainable growth and secure the country’s long-term economic prosperity. It would do well for our solons, therefore, to look at the bill from all angles and see where it will lead us. As Aesop once said, “SLOW AND STEADY WINS THE RACE.” The post Taking MIF slow, steady appeared first on Daily Tribune......»»
Timberwolves hold off Nuggets to stay alive, Warriors edge Kings
Anthony Edwards scored 34 points, including a three-point dagger with 11.5 seconds left, as the Minnesota Timberwolves beat the Denver Nuggets 114-108 in overtime Sunday to stay alive in the NBA playoffs. Western Conference top seeds Denver, led by 43 points from reigning two-time Most Valuable Player Nikola Jokic, closed regulation on a 12-0 run to force overtime. But they were out-scored 18-12 in the extra session at the Target Center in Minneapolis as the Timberwolves pulled within 3-1 in the series. Minnesota still face a daunting task -- no NBA team has come back from 3-0 down to win a best-of-seven series. "See you in Denver, we're going back," said Edwards, whose 16 third-quarter points keyed a Timberwolves charge that carried them to a 12-point lead midway through the fourth. Mike Conley added 19 points for Minnesota. Karl-Anthony Towns scored 17 points with 11 rebounds and Rudy Gobert added 14 points and 15 rebounds as the Timberwolves withstood another big night from Jokic. The Serbian star matched his playoff scoring high and added 11 rebounds and six assists. The teams swapped the lead four times in overtime, but Nuggets coach Michael Malone said too many defensive lapses in the extra session doomed his team. "You hold them to 16 points in the fourth quarter, then (they have) 18 in five minutes," Malone said. "That's the hardest thing to stomach about this game is that when the game was on the line, we were unwilling and unable to get the necessary stops." 'Sloppy' Curry It was the second Western Conference thriller of the day, after the Golden State Warriors held off a ferocious fourth-quarter fightback from the Sacramento Kings to secure a 126-125 victory that leveled their series at two games apiece. Harrison Barnes almost snatched victory for Sacramento at the buzzer, but his long-range effort bounced off the rim to leave the NBA champions celebrating. Stephen Curry led the Warriors with 32 points -- and breathed a sigh of relief after two uncharacteristic blunders in a frenetic finale at the Chase Center. Curry missed a wide-open three-pointer with his team-leading 126-121 with less than a minute remaining. He then erroneously called a timeout when the Warriors had none left, earning a technical foul and allowing Sacramento's Malik Monk to make it a four-point game with a free throw. De'Aaron Fox's three-pointer pulled Sacramento within 126-125 and Curry missed another floater to give the Kings a final chance. "It was kind of sloppy not knowing how many timeouts we had left, and a couple of dagger shots didn't go in -- but we did what we needed to do defensively in those last 10 seconds," a relieved Curry said. Klay Thompson added 26 points and Jordan Poole had 22. Draymond Green, back from suspension, scored 12 points with 10 rebounds and seven assists off the bench to help the Warriors withstand a 38-point performance from Fox. Knicks, Celtics close in In the Eastern Conference, the New York Knicks and Boston Celtics moved within a victory of advancing, the Knicks beating the Cleveland Cavaliers 102-93 and the Celtics downing Atlanta 129-121 to each take 3-1 series leads. Jalen Brunson drained five three-pointers on the way to 29 points for the Knicks, who again electrified Madison Square Garden. With just one win from three more games the Knicks can advance past the first round for the first time since 2013. Darius Garland led Cleveland with 23 points but Donovan Mitchell scored just 11 -- only two in the second half. The Cavs will try to extend the series when they host game five on Wednesday. The Celtics can wrap up their series at home on Tuesday after bouncing back from a disappointing game-three defeat with a convincing victory in Atlanta. Jayson Tatum and Jaylen Brown scored 31 points apiece for the Celtics, each delivering a dunk in the final minute as the Celtics thwarted the Hawks' final rally bid. Hawks star Trae Young finished with a game-high 35 points and handed out 14 assists. But Boston stepped up their defensive intensity and had an answer for every Atlanta run, never trailing after the first quarter. Brown got off to a slow start, making just one of his first seven shots. Then he got rid of the protective mask he's worn since suffering a facial fracture in February and made 11 of 15. "Maybe it was all in my head," Brown said. "I took it off and started to turn things around a little bit." The post Timberwolves hold off Nuggets to stay alive, Warriors edge Kings appeared first on Daily Tribune......»»
Warriors down Kings to level series; Knicks and Celtics on brink
Stephen Curry scored 32 points as the Golden State Warriors held off a ferocious fourth-quarter fightback from the Sacramento Kings to secure a series-leveling 126-125 victory in the NBA playoffs on Sunday. Harrison Barnes almost snatched victory for Sacramento on the buzzer, but his long-range effort bounced off the rim to leave the NBA champions celebrating a result that leaves them tied at 2-2 in the best-of-seven series after dropping games one and two. In the East, meanwhile, the New York Knicks and Boston Celtics moved within a victory of advancing, the Knicks beating the Cleveland Cavaliers 102-93 and the Celtics downing Atlanta 129-121 to each take 3-1 series leads. Curry breathed a sigh of relief after two uncharacteristic blunders in a frenetic finale at the Chase Center. The Warriors talisman missed a wide-open three-pointer with his team-leading 126-121 with less than a minute remaining. Curry compounded that rare miss by erroneously calling a time-out when the Warriors had none left, earning a technical foul and allowing Sacramento's Malik Monk to make it a four-point game with a free throw. A superb De’Aaron Fox three-pointer from 28 feet then left Sacramento within one at 126-125, and when Curry missed another floater, the Kings had a chance to win it only to see Barnes's late effort bounce out. "I ain't gonna lie, I thought it was the smartest play in the world," Curry said of his timeout call after a failed challenge had cost the Warriors their last time out. "I looked over at the bench and everybody was shaking their head. "But we did what we needed to do defensively in those last 10 seconds," a relieved Curry said. "We've protected home court, and now we move on." Barnes's late miss was the final act of a thrilling battle between the Western Conference rivals that saw the lead change hands no fewer than 19 times as momentum ebbed and flowed throughout. Golden State looked to have turned the screw decisively in the third quarter, outscoring the Kings 37-23 to start the fourth with a 10-point advantage. Sacramento, however, came surging back with a 7-0 run to start the final quarter and only a handful of points separated the two teams in the waning seconds. Curry led the Warriors' scoring with 32 points while Klay Thompson added 26, including four three-pointers, and Jordan Poole had 22. Andrew Wiggins added 18 points while Draymond Green, returning after suspension, had 12 points, 10 rebounds and seven assists off the bench. Fox produced a dazzling performance for Sacramento with 38 points while Keegan Murray added 23 and Monk 16. The Kings host game five on Wednesday. In New York, Jalen Brunson drained five three-pointers on the way to 29 points for the Knicks, who again electrified Madison Square Garden. With just one win from three more games the Knicks can advance past the first round for the first time since 2013. New York led by as many as 15 on the way to a nine-point halftime lead. A big third quarter saw the Cavs sneak into a narrow lead before a sustained Knicks rally in the fourth. Brunson was one of four players in double figures with R.J. Barrett providing offensive support with 26 points. Darius Garland led Cleveland 23 points but Donovan Mitchell had a game to forget after finishing with just 11 points -- only two in the second half. The Cavs will try to extend the series when they host game five on Wednesday. The Celtics can wrap up their series at home on Tuesday after bouncing back from a disappointing game-three defeat with a convincing victory in Atlanta. Jayson Tatum and Jaylen Brown scored 31 points apiece for the Celtics, each delivering a dunk in the final minute as the Celtics thwarted the Hawks' final rally bid. Hawks star Trae Young finished with a game-high 35 points and handed out 14 assists. But Boston stepped up their defensive intensity and had an answer for every Atlanta run, never trailing after the first quarter. The post Warriors down Kings to level series; Knicks and Celtics on brink appeared first on Daily Tribune......»»
Fajardo, Thompson lead All-Star balloting
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LeBron, Curry lead West; Durant, Beal top East in NBA All-Star first returns
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LPGA returns with Kang posting 66 at Inverness for the lead
TOLEDO, Ohio (AP) — Danielle Kang went more than six months without competing and looked as though she had never been away, playing bogey-free at Inverness Club for a 6-under 66 and a one-shot lead in the LPGA Drive On Championship. The LPGA Tour’s much-awaited return from the COVID-19 pandemic brought an immediate sense of its new world. Kang had no idea where she stood after a closing birde. “There aren’t any leaderboards on the golf course,” Kang said. Inverness, where Paul Azinger beat Greg Norman in a playoff at the 1993 PGA Championship, is hosting the Solheim Cup next year and offered to stage the first event back for the LPGA Tour since the Women’s Australian Open on Feb. 16. The LPGA Tour remains in northeast Ohio next week before heading to Scotland. Jodi Ewart Shadoff of England also played bogey-free for a 67. Celine Boutier of France and Lee-Anne Pace of South Africa also were at 5 under until both made bogey on the closing hole. They settled for a 68. The foremost global tour in golf attracted 130 players from some 30 countries, though it was missing the leading stars from powerhouse South Korea. Jin Young Ko, the No. 1 player in the world, and Sung Hyun Park have stayed home and are playing on the Korean LPGA. Neither is expected to travel to Scotland for the Women’s British Open in three weeks. The lone Korean among the top 10 -- a rarity given the country’s strength in women’s golf -- was Hee Young Park at 70. Kang, a former Women’s PGA champion, paid particular attention to the speed of the greens at Inverness, making six birdies and a number of key par putts to keep her round going. “Even if you hit a good shot, it’s not an easy putt,” Kang said. “I almost three-putted from 9 feet. Definitely had a really good attitude, and it was really fun to be back.” The LPGA Tour is not allowing spectators, though that wasn’t a problem for Kang. She was more concerned about her etiquette with two other players, different from a more casual attitude at home. Kang played only twice at the start of the year in the Florida events, including a third-place finish Jan. 23 at the Gainbridge LPGA at Boca Rio. The field attracted four of the top 10 from the world ranking, and Kang (No. 4) Minjee Lee of Australia (No. 8) were the only ones to break par. Lee shot 69. Nelly Korda, the highest-ranked player at No. 2 in the world, opened with two birdies in three holes and closed with another birdie. It was the part in between that cost her, and she had a 76. Lexi Thompson, who has slipped to No. 9, opened with a 73. For most of them, it was simply good to be back. Lydia Ko made a long birdie to close out her round of 69, joining Lee and Amy Olson. “I saw some of the girls and I was like, ‘Man, it’s nice to not see you through a virtual app or on social media,’” Ko said......»»
Kim, Paulo kontra sa office romance: Hindi talaga maiiwasan, pero…
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Max Strus sinks half-court buzzer-beater as Cavs down Mavs
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Can virtual reality dating lead to real-life romance?
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Jasmine at Rayver pinagkaguluhan, tinilian ng mga taga-Baguio
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Jake Cuenca and Sue Ramirez share tips for acting newbies
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Fil-Aussies Abigail Adriano, Seann Miley Moore reprising Miss Saigon roles for Manila run
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Kim nalinlang na sa pag-ibig pero magmamahal pa rin; Paulo niloko ng babae
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Han So Hee proves dedication to Gyeongseong Creature’s action scenes
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Election watchdog warns Comelec tapping Miru could lead to 2025 midterm polls’ failure
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Warriors star Draymond Green reinstated after 12-game suspension
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LeBron James, Giannis Antetokounmpo lead early NBA All-Star voting
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DongYan sitcom returns; Marian Rivera-Gabby Concepcion pairing to push through
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