KAPE AT KUWENTUHAN (02/04/2023) - LITO ANG "TEAM' NG GOBYERNO SA PAGDINIG SA 'MAHARLIKA' SA SENADO
01:21.7
Dala mo ay katotohanan
01:27.7
Enzorecto, Enzorecto
01:32.7
Kami ay iyong kabayan
02:27.7
We want to do a lot of things, the national government.
02:30.7
But right now we are constrained because we have very limited resources.
02:34.7
But we are saying also...
03:05.7
Itong ating magiging topic ngayon, kaugnay ito sa naging hearing ng committee ng Senado
03:12.7
Unang hearing yata ito, kasi isang araw hindi pa formal na hearing
03:17.7
Ano lang yun, inimbitahan lang ang economic managers ng bansa
03:23.7
Yung finance secretary, si Giocno, yung mga economic managers
03:29.7
Yung buong Senado nag-seek ng audience para mabrief sila ng mga economic managers
03:38.7
Pero hindi pa yun yung formal na pagdinig
03:41.7
Doon sa briefing ng economic managers ng gobyerno, 15 Senador ang umatenda
03:48.7
Alam ko wala ito si Larissa Honteveros, wala sila si Chisis Codero, wala. Ang nandun lang sila Bongo, si Ramarque Villar, si Subiri
04:03.7
After ng briefing na yun, bilib na bilib na sila Subiri
04:07.7
Sabi nila okay naman, na-convince naman kami ng economic managers
04:11.7
Pero ang totoong unang pagdinig ng committee ay itong nandito
04:16.7
Mamaya panuuri natin
04:18.7
Sa pagdinig na ito, nagpadala ng representatives ang mga ahensya ng gobyerno
04:23.7
Nagpadala sila, yung economic team ng gobyerno, representatives ang pinadala nila
04:29.7
Siguro, dahil akala nila, kaya na nilang ipagtanggol yung maharlika fund na yan sa Senado
04:36.7
Kaya lang, sa ginawang pagdinig ng Senado, wala, durog na durog sila
04:41.7
Sa Senado, ito pangalang si Chisis Codero ang nagtatanong
04:47.7
Ang dami ng mga pasikot-sikot ng mga economic team ng gobyerno
04:53.7
Akala nyo kasi, napakaganda na ng plano nila
04:57.7
Nung sinalang ngayon sa mga pagtatanong, talagang binubusisi na yung mga provisions nitong proposed maharlika investment corporation
05:10.7
Doon na na-expose na maraming butas
05:14.7
Maraming butas, kaya kahit yung mga pinadalang representative ng economic team ng gobyerno, sila mismo naliliturin
05:22.7
Naliliturin, mamaya makikita nyo mga kabunyog mga kababayan
05:26.7
Pero bago yan, hayaan nyo muna akong i-grip ko ang mga supporters na naka-online na
05:32.7
I-grip ko si Kabunyog Aching Beni
05:34.7
Salamat Kabunyog Aching Beni sa pagsend ng stars
05:38.7
Si Valen Advento, si Raybiz Alves
05:41.7
Ganon din si Iman Guido, si Sanchez Barazon Freddy
05:46.7
Si Tambarillo Jufansha
05:48.7
Good morning sa inyo mga kabunyog
05:50.7
Ganon din si Erica Takuchi sa Japan
05:53.7
Si Edgar Buyaks, magandang araw po
05:56.7
Kay Myla Borio sa Canada
05:58.7
Kay Edmond Mandanga Suiza
06:02.7
Magandang umaga sa inyong lahat mga kabunyog
06:04.7
Sino pa bang hindi ko nag-greet?
06:08.7
Sa Ontario, Canada
06:10.7
Si Nestor Sebastian
06:15.7
Kay Arcel Añez
06:18.7
Ganon din kay Arlyn Batuctoy
06:23.7
Mga kabunyog, nag-greet ako ng mga viewers natin
06:26.7
Kasi itong Kapi at Kuntuhan sa Umaga
06:29.7
Talaga pong ang segment ko na to
06:31.7
Dito, nag-greet ako ng mga subscribers natin
06:34.7
At followers, mga viewers
06:36.7
Kaya yung mga gusto na na kaagad mag-discuss na tayo
06:39.7
Doon po sa mga maiksing komentaryo ko
06:41.7
At sa kayong mga reaksyon sa issue
06:43.7
Diretso po ako doon, nag-de-discuss ng issue
06:46.7
Pero dito po, talagang ang segment pong ito
06:51.7
Talagang nag-greet ako sa mga viewers natin
06:55.7
Carolina Rimpuico
06:56.7
Kay Tolitz Capunpon
06:57.7
Kumusta po kayo dyan sa Laguna?
06:59.7
Kay Alice Pimentel
07:04.7
Kay Carmelita Reyes Ligaspi
07:07.7
Ganon din kay Mary Ann Yolanda Olanda Irnaez
07:10.7
Kay Alfred Villarete
07:12.7
Kay Chi Delphi Delino
07:17.7
Kay Ricardo Forniza Jr. sa Sugarland, Texas
07:20.7
Kay Angeles Virtus
07:22.7
Kabunyog, Bella Corcuera
07:24.7
Salamat sa patuloy na panunood ng aking mga programa
07:27.7
At salamat sa pag-send ng stars
07:30.7
Kay Rubilin Apostol
07:33.7
Okay, yan na muna yung mga nag-greet ko, mga Kabunyog
07:36.7
Kay Teresita Peralta, salamat sa pag-send ng stars
07:40.7
Alam nyo, mga Kabunyog, ang sinesend yung stars
07:43.7
sa bawat paglarive ko
07:44.7
Malaking tulong po para ma-sustain ko itong aking mga pagbablog
07:48.7
Mayroon po akong mga staff na mga siniswelduhan
07:53.7
Nag-hire po ako ng mga staff
07:55.7
Kasi kung wala akong staff, hindi ko to kakayanin
07:58.7
Yung mga paglilayout nito
08:01.7
Yung mga pagre-research ng aking mga topics
08:04.7
Ano po yan? Kailangan ko ng staff
08:06.7
Kaya malaking tulong po ang pinapanalan yung mga stars
08:11.7
Salamat po sa inyo, yung mga donations nyo
08:13.7
Salamat, mga Kabunyog
08:15.7
Okay, so yan yung mga viewers natin sa Insorecto If Be Paids
08:22.7
I-greet ko rin ang mga viewers natin sa Atorney Ricky Tumutorgo If Be Paids
08:27.7
Nanonood din sila sa atin
08:29.7
Si Rico O, si Rosario Cavite, si Kabunyog, si Merino Camaya, si Ed Arindayen
08:35.7
Magandang na utanghali na
08:37.7
Si Rubigo, si Ticho Banzuela, si Mari Lobeliez Aliquigan
08:42.7
Yan, mga viewers po natin sa Atorney Ricky Tumutorgo If Be Paids
08:46.7
Si Lita Siron, kamusta Kabunyog Lita Siron?
08:48.7
Kay Claudia Pitmalo, ano, si sino pa ba?
08:53.7
Si Alfredo de Leon, kay Danny Carreno, Kabunyog Danny, kailan kaya uli ako makakapunta dyan sa inyo?
08:58.7
Kay Dante Santos, sa Toronto, Canada
09:00.7
Kay Edwin Rimurin, okay
09:03.7
Kay sino pa bang hindi ko nag-e-greet?
09:06.7
Sa mga viewers din natin, mga Kabunyog
09:09.7
Sa mga viewers natin sa YouTube channel natin, sa Ricky Tumutorgo
09:13.7
Si Joel de los Santos, nakita natin, nakapanood na sa YouTube channel natin
09:18.7
Sa Ricky Tumutorgo YouTube channel
09:21.7
O marami tayong nanunood sa Ensorecto YouTube channel
09:24.7
Si Bestfriend, nandyan na
09:26.7
Si Marcelo Rizal, ano, si Luli Ignacio, kamusta po kayo dyan?
09:32.7
Sa Ontario, Canada
09:33.7
Kabunyog Mary Grace Orelia, kamusta po uli kayo sa Hong Kong?
09:35.7
Padja Curse, kay Gia daw
09:38.7
Kay D. Real, ano, okay mga Kabunyog
09:42.7
Maligayang panunood sa inyo
09:44.7
Kay Kabunyog Narl O. Pascua
09:47.7
Kay Nestor Babaran, salamat sa pag-send ng Canadian Dollars na donation
09:51.7
Kabunyog Narl O. Pascua
09:53.7
Kay Pitchie Abraham, Saguam
09:56.7
Kay Nestor Babaran
09:58.7
Ano din, kay Rinaldo Arciaga, sa Cavite
10:01.7
Kay Nicholas Rosales, kamusta po kayo?
10:04.7
Si Nicholas Rosales, okay na, nag-greet ko na
10:08.7
Rinaldo Gonzales, good morning
10:10.7
Dante Cerverio, kamusta po?
10:16.7
Okay, so pwede na tayo magsimula mga Kabunyog
10:21.7
Itong tungkol sa maharalikang ito
10:27.7
Ang pinadalan, kasi nag-start na yung hearing sa Senado
10:31.7
Nung isang araw, briefing pa lang yun ng lahat ng Senador
10:35.7
Parang preliminary hearing
10:37.7
Hindi pa talaga yun yung start ng hearing
10:40.7
Kumbaga nagpa-brief lang yung buong Senado
10:43.7
Yung buong Senado nagpa-brief
10:45.7
Pero kinsing Senador lang ang umaten
10:47.7
Ngayon, ang mga nandon, itong sila
10:50.7
Yung mga administration senators
10:52.7
Si Bong Go, si Bilyar, sila Gatchalian
10:57.7
Sila Villanueva, si Zubiri
11:00.7
O yun, ang umaten doon, yung mga economic managers
11:03.7
Yung finance secretary
11:05.7
Sabi nung matapos yung briefing
11:07.7
Ang galing, kumbinsido kami
11:09.7
Okay naman na, at least maraming kaming malinawan
11:13.7
Ganon ang sabi ni Zubiri
11:15.7
Saka ni Bilyar, mga Kabunyog
11:17.7
Kaya nga diba, nung diniscuss ko yun yung isang araw
11:21.7
Sabi ko, wow, ang galing naman ng Senado
11:23.7
Ang dali nilang malinawan
11:25.7
Ang bilis nilang malinawan
11:27.7
Siyempre, ano namang aasaan mo kay Zubiri?
11:30.7
Ano namang aasaan mo kay Bilyar?
11:32.7
Ano namang aasaan mo kay Gatchalian, saka kay Villanueva
11:35.7
Matapos kay Bong Go
11:37.7
Siyempre, mga ano yan, isip-sip yan sa administration
11:41.7
Pero, yung unang araw ng pagdinig
11:44.7
Nung committee na talaga, yung committee on banks
11:46.7
At Ways and Means, ibang committee
11:48.7
Yun, umaten si Riza Hunteveros
11:50.7
Umaten si Chis Escudero
11:53.7
At ang pinadala lang ng mga opisina ng gobyerno
11:58.7
Representatives lang, hindi na mga secretary
12:00.7
Siguro, confident sila na
12:02.7
Nakumbinsin na nga sila Zubiri
12:04.7
Nakumbinsin na nga sila Bilyar
12:08.7
Sila Villanueva at Gatchalian
12:10.7
Karamihan ng mga senador daw doon, nakumbinsin na
12:12.7
At naging smooth naman ang briefing
12:14.7
Sabi daw ng mga senador, okay na
12:16.7
At least, naunawaan na nila
12:18.7
Pero, pagdating dito sa pagdinig na to
12:21.7
Ay itong si Chis Escudero
12:23.7
At least, okay naman yung kanyang ginawa, ano?
12:28.7
Talagang yung mga pagtatanong ni Chis Escudero
12:31.7
Pang abogadong nagko-cross-examine eh
12:33.7
Pang abogadong nagko-cross-examine
12:36.7
Ha? Mamaya ipapanood ko sa inyo
12:38.7
Yung naging ano, hearing
12:40.7
Ha? Si Chis Escudero pa lang
12:42.7
Yung nagtanong-nagtanong ha?
12:44.7
Sa mga susunod na mga hearing
12:45.7
Si Riza Hunteveros na yan, Coco Pimentel
12:47.7
Ay kung ganoon din lang naman
12:49.7
Ang ipapadala ng gobyerno
12:51.7
Hindi naman talaga nila kabisado
12:53.7
Ang Maharlika Investment Corporation na concept na yan
12:57.7
Magulo pa sa kanila yan
12:59.7
Hindi nila maintindihan talaga kung ano yan
13:03.7
Kahit dito sa mga pagtatanong ni Chis Escudero
13:06.7
Hindi talaga nila kabisado
13:08.7
Wala pa talaga silang malinaw na plano
13:10.7
Sa Maharlika Investment Fund
13:12.7
Ha? Papanood nyo mga kabunyog
13:14.7
Makikita nyo, lito
13:16.7
Kahit ang economic team ng gobyerno
13:18.7
Sa naging pagdinig tungkol sa Maharlika
13:21.7
Sa Senado, panoorin nyo
13:23.7
Ha? Panoorin nyo mga kabunyog
13:25.7
Tapos saka natin pigyan ng komentaryo
13:55.7
So once and for all
13:57.7
Ano ba yung gusto nating objective dito?
13:59.7
Regenerate earnings via the investment fund
14:03.7
In order to do what?
14:05.7
First of all sir, of course we want to do a lot of things, national government, but right now we are constrained because we have very limited resources. But we're saying also, now we can tap naman from other sources, so like in the case of Land Bank and DBP, right now they have this investable funds that we call, and that's about 1.3 trillion in the case of Land Bank
14:31.7
Ma'am Cecil, please correct me
14:35.7
Yes ma'am, I know that
14:37.7
In the case of DBP, they have about 800 billion na investable funds
14:43.7
So we're just carving a very small portion of that, in the case of Land Bank po, less than 4%
14:49.7
Ma'am, forgive me ma'am, you're not answering my question
14:51.7
What is your objective? What do you want to accomplish when we invest these funds?
14:57.7
So we'd like to do more of the infrastructure projects, of course we have our PPP, we have also our national government projects
15:03.7
Ma'am to cut you short, the bill of Senator Villar says accept infrastructure projects
15:21.7
Pwede sa investment?
15:29.7
Yes, yung sa profits
15:31.7
I'm not talking about the investments yet
15:35.7
Yung kikitain natin dito, saan nyo gagamitin?
15:39.7
Yung kikitain, yung muna pong pondo, pwede pong gamitin for more infrastructure projects, at hindi lang po infrastructure projects
15:49.7
Ito pakinggan nyo mabuti
15:51.7
Ang unang tanong, kaagad, dinanong ni Cheese Escudero
16:01.7
Hindi rin masagot direkta nitong mga staff ng economic team ng gobyerno
16:09.7
Ang ini-explain niya, mayroon daw pondo ang Land Bank, mayroon daw pondo ang DBP
16:15.7
E hindi naman yun ang tanong, ang tanong, anong purpose?
16:19.7
So hindi na sagot
16:21.7
Nung i-denied na ulit ni Cheese Escudero, sabi nitong main na nagsasalita
16:29.7
Ang sabi, gagamitin po sa infrastructure, gagamitin ang pondo ng Maharlika, ay gagamitin sa infrastructure projects
16:37.7
Pero pakinggan nyo yung mga susunod
16:41.7
Iri, ipapakita sa kanila ni Cheese Escudero na wala naman doon sa proposed bill ng Senado na gagamitin ito sa infrastructure
16:49.7
Pakinggan nyo mga kabunyog
16:55.7
Dapat gilinisin muna natin to be able to provide for the contributions ng Land Bank at DBP
16:59.7
Although wala pa ngayon sa bill, gagawin pa lang natin
17:01.7
Medyo para may balik po sa kanila
17:03.7
Ngayon po may sobra
17:05.7
And then of course, yung sobra, 25% of that na nag-act on national government contributions, ilalagay po natin for the social services, mga healthcare projects
17:15.7
And this could also be additional para at the same time, mas makakaluwag po sa fiscal space po natin ng national government
17:23.7
Ma'am, social welfare projects, it says in Section 35, excluding infrastructure projects?
17:29.7
So yung kita, hindi gagastusin sa infrastructure? Puro social welfare lahat ng kita?
17:33.7
Yung infrastructure sensor na kina-carve out, yung ilalagay sa social projects, so mga social amelioration projects natin
17:43.7
Nang MIC, pwede po i-retain earnings na po yan diba ng MIC?
17:48.7
Hindi ko alam, hindi nakalagay dito
17:50.7
Ordinary business operations that will form part of the retained earnings
17:56.7
Ito ay ikutin para it can again be leveraged para magkaroon po ng mga investments, ng joint ventures
18:27.7
25% of net profits will be for social amelioration projects and the remaining 75% is retained?
18:33.7
Ang sinasabi po dito, the remaining net profits shall be remitted to the national government
18:39.7
Walang sinasabing retained earnings po sa Section 35?
18:41.7
Siguro sir, baka that is something we need to clarify in the bill
18:47.7
Pag kino-confront itong mga representative ng economic team o economic managers ng gobyerno, nakikita na sila mismo hindi nila alam yung proposed bill na yan
19:00.7
Kaya nga sabi ni Chief Escudero, hindi ganyan ma'am ang nakalagay dito sa proposed bill, ano ba talagang plano nyo?
19:10.7
Sir, hindi naman po pwedeng lahat kung hindi po contribution sa national government po yan, mapupunta pa sa national government
19:17.7
So I'm sure meron pong other investors that they would also want to get their money back
19:22.7
Forgive me ma'am, I'm basing my questions on the bill itself and not on what is not written on the bill
19:26.7
If you seek to add to it later on then perhaps, the economic team can suggest the corresponding changes to address these concerns
19:36.7
Now on the actual fund, net profits raya kanina, saan natin i-invest? Securities?
19:43.7
Meron pong listing dito, allowable investments, securities, bonds, infrastructure projects
19:52.7
Now we're headed into a recession, worldwide, globally, are you conceding that point? Are we headed towards a recession globally?
20:00.7
Meron pong analyst saying...
20:06.7
Ito naman sa part na ito, sabi ni Cheese Escudero, ang sabi nyo mag-i-invest, ano mag-i-invest ang Maharlika Investment Corporation?
20:17.7
Sa mga stocks, sa mga bonds, kung ano-anong mga investments?
20:21.7
Tinanong ni Cheese Escudero, na-i-consider nyo ba na hindi maganda ang mga investments sa darating na mga taon? Kasi nga mayroong global recession
20:31.7
Alam nyo kung anong sagot nitong representative ng economic team ng gobyerno?
20:35.7
Ano sabi niya? Ito, anong sabi niya? Mayroong mga analyst daw na nagsasabing, hindi naman daw tayo maapektuhan yan?
20:44.7
Naniniwala ba kayo sa gano'n? Saan ka nakakita ng global recession na hindi naman daw tayo maapektuhan yan?
20:51.7
Kaya okay lang na mag-invest ang Maharlika, wag daw tayong mag-alala, panuorin yung mga kabunyog.
20:56.7
Lakita ko nga. Securities, bonds, infrastructure projects. Well meron pong analyst saying na there would be recession in some of the advanced countries. But in the case of the Philippines, our view is that will not be in that position.
21:24.7
We will not be in that position? Parang hindi tayo maapektuhan ng global recession? Ang galing naman ng ekonomistang ito.
21:54.7
So kikita tayo in 2-3 years kung mag-invest tayo sa stocks. Now when you talk of bonds, when you talk of debt instruments, again if we discuss it later on, DBP and Land Bank would want their respective ROI.
22:13.7
I think it's DBP that owns the ERPs to MRT, right? Both? And you're earning how much? 18?
22:25.7
So if it's 12% and I presume, magkano ang ROI sa portfolio niyo for the past year?
22:37.7
Our investment portfolio is P1.3 trillion and our average return on that investment in 2022 was...
22:48.7
Mga kabonyog, mga kababayan, huwag kayong aalis kahit medyo mahaba-haba ito. Kasi ang ending nito, kahit yung konsepto ng Maharlika Investment Corporation, kung corporation ba ito, anong klaseng corporation ito?
23:02.7
Government owned and controlled corporation or private corporation. Kahit doon hindi malinaw. Mamaya yan. Huwag kayong aalis kasi marami pa nito malilinawan tayo na litong-lito kahit ng economic team ng gobyerno.
23:18.7
Hindi nila talaga alam pa kung anong gagawin diyan sa Maharlika Investment Fund. Magpatuloy po tayo.
23:23.7
3.73%? 3.76%? 3.76%? 3.76%? On the part of DBP? On the part of DBP it's close to 7%. Return on equity, sir.
23:45.7
My question is if you ask now DBP, at the very least that will be their basis. So isn't that like borrowing from them to the tune of the guaranteed supposed rate of return on their investment in other investments?
24:00.7
So whether it's at 3.7% or 7%, so as not to be unfair to them, we should guarantee at the very least roughly those amounts. Kahit habahan pa natin yung period for the last 3 years and let's average it off. At the very least can that be placed in the bill? So be fair to them.
24:20.7
Actually sir if they invest in the GS right now at 5 years 10 or, it's about almost 6%. So yan pa lang ko, kanalo na sila.
24:50.7
Yes, 6% at the very least. Would that be fair?
25:09.7
Composition ng board. Ito, ito. Composition ng board. Ito maganda ito. Kasi diba ang composition ng board, nung una ang sinasabi, ang magiging chairman ng board ay si Presidente ng Pilipinas.
25:23.7
So kung ngayon si Marcos Junior. Maraming nag-react. Maraming nag-react. Bakit naman chairman ng board Presidente ng Pilipinas? Dapat ang isang investment fund o yung sovereign wealth fund o sovereign investment corporation
25:40.7
o maharlika investment corporation na yan. Hindi political. Ibig sabihin negosyo talaga yan. Hindi dapat kino-control ng mga politiko. Ay kung Presidente ang chairman of the board niyan. Di alam na natin kung anong mangyayari.
25:53.7
So inalis nila yung Presidente. Inilaga yung Secretary of Finance, ang chairman of the board. At 15 daw ang members ng board.
26:01.7
Ang problema, karamihan ng members ng board, pwedeng hawakan ng politiko. Kaya kahit pa hindi na Presidente ang chairman of the board, political pa rin ang mangingibabaw.
26:14.7
Mga hawak pa rin ng politiko ang magkukumpose ng board. Kasi tinanong ni Chizis Cunero, paano orin yung mamaya. Halimbawa yung private sector nag-invest. Halimbawa malaki na ngayon yung investment ng private sector. Malaki na. Ibig sabihin maliit pa rin ang representative nila sa board.
26:35.7
Kasi phoenix na yung representative na ang karamihan ng gobyerno. Ano mga ka-punyog? Mga pinili ng politiko. So papayag ba ang private sector na malaki ang kanilang investment tapos ang kumposisyon ng board kukunti lang sila? Paano naman nangyayari yan? Okay, panuorin nyo ito mga ka-punyog.
27:05.7
Q. Kapitalization?
27:35.7
Right ma'am? Hindi ba dapat may capitalization yung batas? This does not have any. It simply talks of the contribution of DBP, 10% ng Pagcor, baka mag-invest ng private sector. I mean that it's a law, it's not an excuse not to have an authorized capitalization requirement. The bill does not, both versions, both the House and Senate.
28:05.7
It's just a capitalization ng board, hindi IRR lang. Like with any other corporation, they should go through the process since this is mandated by law, i-amend yung batas just like the BSP Charter. Di ba nang nag-increase tayo ng capitalization ninyo, we had to amend the law. The same is true here.
28:35.7
Again, Atty. Martell I think will agree with me that if the capital contribution of land bank is 50%, prudence and practice to protect their investment would dictate that 50% of the members of the board should come. Ganoon naman yung corporation di ba? 50% ng capital galing sa akin at 50% ng board sa akin. 25% ng capital galing sa DBP, 25% galing sa kanila.
29:05.7
Now if you want proper corporate governance, di ba tama lang na land bank should have the proportional representation of the board to their investment so they can protect their investment? Same is true for DBP, same is true for Pagcor, same is true for private individuals. In fact, you allocated already representation for future private investors na wala pa naman silang binibigay na pera. Why will they have one vote similar to land bank who contributed P50B? Isn't that right?
29:36.7
Kaya itong Maharlika Investment Corporation itong sovereign-sovereign wealth fund na ito, ang gulo-gulo nito, hindi pa talaga sa kanila malinaw ito. Ang malinaw lang, madaling napaintindi si Bong Go, si Bilyar, si Subiri, yun. Saka si Bato, madaling yung mapaintindi. Sila Rubin Hood Padilla, yun. Madaling makaintindi yung mga yun eh.
29:58.7
Pero ito tingnan ninyo mga kaponyo, hindi pa yan tapos. Pati yung nature ng corporation hindi rin nila alam kung anong klaseng corporation ito eh.
30:28.7
... Tapos ang land bank and DPP. And there would be 6 regular members representing the contributors to the fund which are really land bank and DPP in accordance with the proportion of their corresponding investments. So baka..."
30:59.7
... Now let's take your word for it. Kung 50% ang land bank, 25%, capital contribution is 75%. That's less than 50% of 15%. Again, I want to understand saan nanggaling yung hindi natin sinunod sa isang corporation yung capital contribution ng investors?
31:19.7
And since we do not know yet how much the 10% of Pagcor will be, bibigyan mo po sila ng share sa 6? And then the private sector are given 5? You don't even know?
31:33.7
Sige may independent director, ba't may academe? Nagbigay mo si academe? Si private sector na pipiliin niyo kung sino man negosyante siya, nagbigay mo siya? Did he invest?
31:41.7
There must be some rhyme and reason behind it why we're choosing the people to sit there. The Secretary of Finance sits as the chairperson. May contribution bang national government? Or counted na yung contribution ng land bank that he chairs as... I don't know. Is that how you look at it? I don't know.
32:42.7
I think the issue is cropping up because of the treatment of the kind of entity created. Here it would appear because it is an MIC.
32:53.7
Ito ito. Anong klaseng entity ang Maharlika Investment Corporation? Ito lalong mas magulo. Ano ba ito? Government owned and controlled corporation or private corporation? Ito lalo na. Anong klaseng entity ba ito? Panoorin niyo.
33:11.7
Good morning Your Honours. I will venture to provide my insights on this. I think the issue is cropping up because of the treatment of the kind of entity created. Here it would appear because it is an MIC. It would appear that it is a corporation.
33:27.7
And that having so, the question of Senator Escudero perhaps is on the reflection if it is treated as a stock corporation. But if the entity is treated as a government entities with corporate body, then their submission could perhaps be accommodated.
33:44.7
But not if the creation is entirely on the treatment of the same being a corporation. That's my submission Your Honour.
33:50.7
My presumption Sir is that's why we're exempting them in the salary standardization law, the GCG law. We're exempting them for everything. Payment of taxes, procurement law.
34:01.7
The intention is for this company to operate as a private entity. That the principles of business would apply to this corporation.
34:10.7
And should therefore reflect to the corresponding interests and the stakeholding of the contributors to the fund. Otherwise it will be just like BSP.
34:21.7
Created by law. Kami nagpanalo ng lahat. National government nagko-contribute. Okay lang.
34:26.7
So, may I ask Ma'am Lea, so is Mr. Mortel correct? Ang tingin nyo rito hindi ordinaryong korporasyon. We will not treat it as a corporation and yet you said in the proposed bill.
34:42.7
You will treat this as an ordinary corporation wherein the rules of corporate governance would apply. Ma'am?
34:49.7
Given that the contributions are coming also from the state-owned enterprises and eventually there would also be contributions from the national government.
35:00.7
As we have cited from the proceeds of privatization, from some of the proceeds of the fiscal regime of the mining sector.
35:08.7
So eventually, tama po magiging GOCC po siya. But we are asking for the exemptions from the GCG, from the Salary Standardization, from the Government Procurement Act.
35:19.7
So it would be running on a commercial basis.
35:23.7
So hybrid sa ma'am? Ma'am, forgive me ma'am.
35:29.7
Ganon din po kasi noong formulation sa corporations like Temasek, even sa Indonesia. So ganon din po yung structure niya.
35:41.7
Yes ma'am, but there are distinctions between Temasek and INA in relation to what we are proposing here.
35:49.7
So just to clarify, so you're seeking to create a hybrid corporation that has all the benefits of a government entity,
36:02.7
exemptions of salary standardization, exemptions of procurement law, exemptions of payment of taxes, both national and local,
36:08.7
which will wreak havoc, by the way, because when they invest in stocks and buy and sell stocks, ang hirap i-track nun ha.
36:13.7
But anyway, we will go there another time. And when you buy and sell properties too, government bonds, etc.
36:19.7
But anyway, my point is, getting all of those benefits and yet not being treated as a business entity that can function as if it were a private venture.
36:44.7
If they are not yet familiar with this, what will they do with the Maharlika Investment Fund?
36:51.7
Even Salceda, when he explained this, he said, no, this will be more on private.
36:59.7
This is no longer controlled by the government.
37:02.7
Here again, it's different.
37:04.7
So even in the creation of a fund, what kind of entity is this?
37:10.7
It's really confusing.
37:14.7
And it's easy for them to understand.
37:17.7
Silabato, Silabongo, Sibilyar, Subiri, it's easy to believe.
37:23.7
I hope Chis Escudero remains strong in his opposition.
37:31.7
We, if the performance of the senator is good, we praise him.
37:37.7
And we also hope, because what we expect from Riza Junquevero and Casico Pimentel, we know that they will stand for it.
37:47.7
What we are not sure about is Chis Escudero and Raffy Tulpo.
37:51.7
Because the hard part is, when the time comes, Malacanang has already talked about it, the stand has changed.
37:58.7
But let's get out of the issue that Chis Escudero should not change.
38:01.7
What's clear here is that there are a lot of things that are not under the control of the economic team of the government.
38:09.7
It's not yet clear if it's the Maharlika Investment Fund.
38:13.7
If it's Norway, which is already very good, the people sitting there are not corrupt, they are good at managing the business, but they lost.
38:20.7
How much more for us?
38:22.7
That's where the questions are, they can't answer anymore. They are silent. They think they are very wise.
38:33.7
It's already 12 o'clock. Let's have lunch first.
38:39.7
I will have a part 2 of this.
38:41.7
I finished the explanation. I will explain the details of this hearing.
38:45.7
Okay, my fellow countrymen, this is Atty. Enzo Recto. We are also watching Atty. Ricky Tumutorko.
38:52.7
Always keep an eye on our programs and discussions.
38:57.7
Because many of our countrymen need to know what we are talking about.
39:03.7
If many of our countrymen know what we are talking about, they will easily understand and understand.
39:10.7
And as they say in John 8.32, you shall know the truth and the truth shall set you free.
39:16.7
So help me, let's make our countrymen aware of the truth that will set our country free.
39:21.7
Long live to us, fellow countrymen, fellow countrywomen. Good day to all of you. Good afternoon.
39:51.7
Long live to us, fellow countrymen, fellow countrywomen. Good day to all of you. Good afternoon.
