DUROG KAY CHIZ ESCUDERO ANG 'ECONOMIC TEAM' NG GOBYERNO #enzorecto #attyrpt #bunyog

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ng mga economic team ng gobyerno."

Enzurecto, kalaban ang katiwalian at kasinungalingan,

kakampi sa katotohanan at kabutihan.

Mainit itong ating magiging topic ngayon.

Kaugnay ito sa naging hearing ng Komitee ng Senado,

unang hearing yata ito eh.

Kasi nung isang araw, hindi pa naman yung formal na hearing.

Ano lang yan? Parang inimbitahan lang yung mga economic managers ng bansa.

Yung finance secretary, si Giocno.

Yung mga economic managers,

yung buong Senado nag-seek ng audience

para mabrief sila nung mga economic managers.

Pero hindi pa yun yung formal na pagdinig.

Eh doon sa briefing na yun ng economic managers ng gobyerno,

15 Senador ang umatenda.

Alam ko wala ito si Lariza Honteveros, wala sila...

Ito, si Chisis Codero wala.

Ang nandun lang sila Bong Go, si Ramarque Villar,

si Subiri.

After ng briefing na yun, bilib na bilib na.

Sila Subiri. Sabi nila,

okay naman, na-convince naman kami ng economic managers.

Pero ang tutuong unang pagdinig ng kumite ay itong nandito.

Mamaya, panuuri natin.

Sa pagdinig na ito,

nagpadala ng representatives ang mga ahensya ng gobyerno.

Nagpadala sila, yung economic team ng gobyerno,

representatives ang pinadala nila.

Akalan nyo kasi na napakaganda na ng plano nila.

Nung sinalang na ngayon sa mga pagtatanong,

talagang binubusisi na yung mga provisions

nitong proposed Maharlika Investment Corporation,

doon na na-expose na maraming butas.

Maraming butas.

Kaya kahit yung mga pinadalang representative

ng economic team ng gobyerno,

sila mismo naliliturin.

Naliliturin.

Mamaya makikita nyo mga kabonyog, mga kababayan.

So ito na nga.

Itong tungkol sa Maharlikang ito,

ang pinadalan, kasi nag-start na yung hearing sa Senado.

Nung isang araw, briefing pa lang yun ng lahat ng Senador.

Parang preliminary hearing.

Hindi pa talaga yun yung start ng hearing.

Pumbaga nagpa-brief lang yung buong Senado.

Yung buong Senado nagpa-brief.

Pero kinsing Senador lang ang umaten.

Ngayon ang mga nandon, yung mga administration senators,

si Bong Go, si Bilyar, sila Gatchalian,

sila Villanueva, si Zubiri.

O yun, ang umaten doon yung mga economic managers,

yung finance secretary.

Sabi nung matapos yung briefing,

ang galing, kumbinsido kami.

Okay naman na.

At least maraming kaming nalinawan.

Ganun ang sabi ni Zubiri.

Saka ni Bilyar, mga kabonyog.

Kaya nga diba, nung diniscuss ko yun yung isang araw,

sabi ko, wow, ang galing naman ng Senado.

Ang dali nilang malinawan.

Ang bilis nilang malinawan.

Siyempre, ano namang aasahan mo kay Zubiri?

Ano namang aasahan mo kay Bilyar?

Ano namang aasahan mo kay Gatchalian?

Saka kay Villanueva?

Matapos kay Bong Go?

Siyempre, mga isip-sip yan sa administration.

Pero, yung unang araw ng pagdinig,

nung committee na talaga,

yung Committee on Banks at Ways and Means,

ibang committee,

yun, umaten si Risa Honteveros,

umaten si Chis Escudero,

at ang pinadala lang ng mga opisina ng gobyerno,

representatives.

Representatives lang, hindi na mga sekretary.

Siguro confident sila na na-convince na nga sila Zubiri,

na-convince na nga sila Bilyar, sila Bong Go,

sila Villanueva at Gatchalian.

Karamihan ang mga senador daw doon na-convince na.

At naging smooth naman ang briefing.

Sabi daw ng mga senador, okay na,

at least naunawaan na nila.

Pero, pagdating dito sa pagdinig na to,

ay itong si Chis Escudero.

At least okay naman yung kanyang ginawa, no?

Okay naman.

Talagang yung mga pagtatanong ni Chis Escudero,

pang abugadong nagko-cross-examine eh.

Pang abugadong nagko-cross-examine.

Mamaya ipapanood ko sa inyo yung naging hearing.

Si Chis Escudero pa lang yung nagtanong-nagtanong.

Sa mga susunod na mga hearing,

si Larisa Honteveros na yan, Coco Pimentel,

ay kung ganoon din lang naman ang ipapadala ng gobyerno,

hindi naman talaga nila kabisado

ang Maharlika Investment Corporation na concept na yan.

Magulo pa sa kanila yan.

Hindi nila maintindihan talaga kung ano yan.

Panuorin nyo.

Kahit dito sa mga pagtatanong ni Chis Escudero,

hindi talaga nila kabisado.

Wala pa talaga silang malinaw na plano

sa Maharlika Investment Fund.

Papanuod nyo mga kabunyog, makikita nyo.

Lito kahit ang economic team ng gobyerno

sa naging pagdinig tungkol sa Maharlika sa Senado.

Panuorin nyo.

Panuorin nyo mga kabunyog.

Tapos saka natin pigyan ng komentaryo.

Yes ma'am. I know that.

In the case of DBP, they have about

800 billion na investable funds.

So we're just carving a very small portion of that.

In the case of Land Bank po, less than 4%.

Forgive me ma'am, you're not answering my question.

What is your objective?

What do you want to accomplish

when we invest these funds?

So we'd like to do more of the infrastructure projects.

Of course we have our PPP,

we have also our national government projects.

Ma'am, to cut you short,

the bill of Senator Villar says

accept infrastructure projects.

Nakalagay dito.

Section 30...

Yes, yung sa profits.

It's not okay about the investments yet.

Yung kikitain natin dito, saan nyo gagamitin?

Yung kikitain, yung muna pong pondo.

Pwede pong gamitin for more infrastructure projects.

At hindi lang po infrastructure projects.

No, yung pondo.

Ayan ah, tingnan nyo.

Ito pakinggan nyo mabuti.

Ang unang tanong, kaagad dinanong ni Cheese Escudero.

Anong purpose?

Hindi rin masagot direktan itong mga staff ng economic team ng gobyerno.

Ang ini-explain niya, mayroon daw pondo ang land bank, mayroon daw pondo ang DBP.

Ay hindi naman yun ang tanong.

Ang tanong, anong purpose?

So hindi na sagot.

Nung i-ignite na ulit ni Cheese Escudero,

sabi nitong main na nagsasalita,

ang sabi, gagamitin po sa infrastructure,

gagamitin ang pondo ng maharlika,

ay gagamitin sa infrastructure projects.

Pero pakinggan nyo susunod,

ipapakita sa kanila ni Cheese Escudero na wala naman doon sa proposed bill ng Senado

na gagamitin ito sa infrastructure.

Pakinggan nyo mga tabuyog.

Ngayon dapat gilinisin muna natin to be able to provide for the contributions ng land bank at DBP.

Medyo tatang para may balik sa kanila.

Ngayon may sobra.

And then of course yung sobra, 25% of that na nag-aact on national government contributions,

ilalagay natin for the social services, mga healthcare projects.

And this could also be additional para at the same time

mas makakaluwag sa fiscal space natin ng national government.

Q1. Social welfare projects excluding infrastructure projects?

So yung kita hindi gagastusin sa infrastructure, puro social welfare lahat ng kita?

25% sir na kina-carve out.

Yung ilalagay sa social projects, mga social amelioration projects natin.

Q1. Yung balance?

Yung balance...

Q1. 75%?

25% of the net profits shall be for poverty alleviation projects,

instead the remainder of the net profits shall be remitted to the national government,

earmarked for social welfare programs excluding infrastructure projects.

So that seems to counter what you're saying that 25% of net profits will be for social amelioration projects

and the remaining 75% is retained.

Ang sinasabi po dito, the remaining of the net profits shall be remitted to the national government.

Walang sinasabing retained earnings po sa Section 35.

Siguro sir baka that is something we need to clarify in the bill.

Hindi naman po pwedeng lahat kung di po contribution sa national government po. Mapupunta pa sa national government.

So I'm sure meron pong other investors, they would also want to get their money back.

Meron pong listing dito, yung allowable investments, securities, bonds, infrastructure projects.

Now we're headed into a recession, worldwide, globally. Are you conceding that point?

Are we headed towards a recession globally?

Meron pong analyst saying na...

Ito pa, ito pa. Panorin nyo ito mga kabunyog.

Ito naman, sa part na to, sabi ni Chis Escudero, ang sabi nyo mag-i-invest.

Ano? Mag-i-invest ang Maharlika Investment Corporation.

Sa mga stocks, sa mga bonds, kung ano-anong mga investments.

Tinanong ni Chis Escudero, na i-consider nyo ba na hindi maganda ang mga investments sa darating na mga taon?

Kasi nga mayroong global recession.

Alam nyo kung anong sagot nitong representative ng economic team ng gobyerno?

Ano sabi niya? Ano sabi niya?

Ito, ano sabi niya? Mayroong mga analyst daw na nagsasabing,

hindi naman daw tayo maaapiktuhan yan.

Naniniwala ba kayo sa ganun?

Saan ka nakakita ng global recession na hindi naman daw tayo maaapiktuhan yan?

Kaya okay lang na mag-invest ang Maharlika, wag daw tayo mag-alala.

Panorin nyo mga kabunyog.

There will be recession in some of the advanced capital investments.

Nakita ko nga.

Apo.

Securities, bonds, di ba?

Opo.

And infrastructure projects.

Now, we're headed into a recession.

Worldwide, globally.

Are you considering that point?

Are we headed towards a recession globally?

Well, meron pong analyst saying na there will be recession in some of the advanced countries.

But in the case of the Philippines, our view is that we'll not be in that position.

Yes ma'am, but globally...

We will not be in that position?

Parang hindi tayo maaapiktuhan ng global recession?

Ang galing naman ng ekonomistang ito.

Parang hindi nga, we will be affected by the recession that's looming and coming.

Now, that's not necessarily bad because in a recession, ika nga kung may bloodbath sa stocks,

now is the time to buy.

Why not?

Now is a good time to invest.

But my question, ma'am, is when will we reap the benefits?

Usually, if stocks are low, then it takes about, in a recession, global recession,

it'll take about two to three years to recover.

So, kikita tayo in two to three years kung maging 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.

I think it's DBP that owns the ERPs to MRT, right?

Both? And you're earning how much? 18?

12% this time.

So, if it's at 12%, and I presume, magkano ang portfolio nyo?

Magkano ang ROI nyo sa portfolio nyo for the past year?

Ballpark?

Our investment portfolio, Senator Scudero, is 1.3 trillion.

And our average return on that investment in 2022 was...

Mga kaponyo nga, mga kapababayan, 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?

Government-owned and controlled corporation or private corporation?

Yun, kahit dun, hindi malinaw eh.

Mamaya yan, mamaya yan. Huwag po kayong aalis.

Kasi marami pa nito, malilinawan tayo na litong-lito kahit ng mga economic team ng gobyerno.

Hindi nila talaga alam pa kung anong gagawin diyan sa Maharlika Investment Fund.

Magpatuloy po tayo.

And 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?

So whether it's at 3.7 or 7%?

So as not to be unfair to them, di ba, we should guarantee at the very least roughly those amounts.

Kahit habahan pa natin yung period for the last 5 years, last 3 years, and let's average it off.

At the very least, can that be placed in the bill?

Based on the... pwede nga sabi mo, pwede sa GS 6% at the very least. Would that be fair?

Yes. Yes po dahil GS lang very conservative.

Yes, exactly.

Next question ma'am. Mr. Chair I'll just have 3 points. We will have several hearings anyway.

Next question ma'am. I discussed this earlier. Paano yung composition ng board?

Ito, ito. Composition ng board. Ito, maganda to. Kasi di ba, ang composition ng board.

Noong una, ang sinasabi, ang magiging chairman ng board ay si Presidente ng Pilipinas.

So kung ngayon, si Marcos Jr. 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 o maharlika investment corporation na yan, hindi political.

Ibig sabihin, negosyo talaga yan. Hindi dapat kino-control ng mga politiko.

Ay kung ang Presidente ang chairman of the board niyan, di alam na natin kung anong mangyayari.

So inalis nila yung Presidente. Inilaga yung Secretary of Finance, ang chairman of the board.

At 15 daw ang members ng board.

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 manging ibabaw.

Mga hawak pa rin ng politiko ang magkocompose ng board.

Kasi tinanong ni G.C. Scudero, panoorin niyo mamaya.

O 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.

Kasi phoenix na daw yung representative na ang karamihan ng gobyerno.

Ano mga kapunyog? Mga pinili ng politiko.

So papayag ba ang private sector na malaki ang kanilang investment? Tapos ang composition ng board kukunti lang sila?

Paano naman nangyari yan? Okay, panoorin nyo ito mga kapunyog.

Q1. Bakit isa lang ang representative ng LB kung target natin sa P100B? Ano ang capitalization na tinitingnan nyo ng MHIF?

I agree with the more or less 100 but we are organizing this corporation by virtue of a law, not under the corporation code. Right ma'am?

Hindi ba dapat may capitalization yung batas? This does not have any.

It simply talks of the contribution of LB, of DBP, 10% ng Pagcor, baka mag-invest ng private sector. That it's a law is not an excuse not to have an authorized capitalization requirement.

The bill does not, both versions, both the House and Senate.

So what would be para kung mag-increase tayo ng capitalization, di ba, hindi yung decision lang 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 mag-increase tayo ng capitalization na nyo, we have to amend the law. The same is true here. Kindly provide for a specific authorized capital of the MIF and going to the composition, kung P100B yung nalagay nyo ma'am, LB P50B, again, Atty. Martel I think will agree with me that if the capital contribution of LB 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 sakin at 50% ng board akin. 25% ng capital galing sa DBP, 25% galing sa kanila.

Where did this formula come from? Now if you want proper corporate governance, di ba tama lang LB 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 LB who contributed P50B?

Wala na. Wala na mga kabunyog. Yan ang problema. Kaya itong Maharlika Investment Corporation na 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.

Sa kasimpa ito, madaling mapaintindi si Ruben Utpanilla. Madaling makaintindi ang mga yan. Pero ito tingnan ninyo mga kabunyog, hindi pa yan tapos. Pati ang nature ng corporation hindi rin nila alam kung anong klaseng corporation ito."

So we have 15-member board, Secretary of Finance, tapos CEO ng MIC, President, land bank and DBP. And there would be 6 regular members representing the contributors to the fund which are really land bank and DBP in accordance with the proportion of their corresponding investments. So baka...

Ganoon ba yan? Unang beses kaya makarating ng corporation na ganyan na meron kang cap kung saan mag-a-apply ng investment. Now let's take your word for it. Kung 50% ang land bank, 25% ang capital contribution is 75%. That's less than 50% of 15%.

So if that's what the 10% of Pagcor will be, bibigyan mo pa sila ng share sa 6. And then the private sector are given 5. You don't even know. Sige may independent director. Ba't may academe? Nagbigay ba si academe? Si private sector na pipiliin niyo kung sino man negosyante siya, nagbigay ba siya? Did he invest? There must be some rhyme and reason behind it why we're choosing the people to sit there.

May contribution ba ang national government? Or counted na ang contribution ng land bank that he chairs? I don't know. Is that how you look at it? I don't know.

Anong klaseng entity ang Maharlika Investment Corporation? Ito lalong mas magulog. Ano ba ito? Government owned and controlled corporation or private corporation? Ito lalo na. Anong klaseng entity ba ito? Panuurin niyo.

Here it would appear because it is an MIC, it would appear that it is a corporation. 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. But not if the creation is entirely on the treatment of the same being a corporation. That's my submission, Your Honor.

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. The intention is for this company to operate as a private entity.

That the principles of business would apply to this corporation and should therefore reflect to the corresponding interests and the stakeholding of the contributors to the fund. Otherwise it will be just like DSP. Created by law, kami nagpanalo ng lahat, national government nagkontribute, okay lang.

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, you will treat this as an ordinary corporation wherein the rules of corporate governance would apply. Ma'am?

Given that the contributions are coming also from the state-owned enterprises and eventually there will also be contributions from the national government as we have cited from the proceeds of privatization, from some of the proceeds of the fiscal regime of the mining sector.

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. So it will be running on a commercial basis.

So hybrid sa Ma'am? Ma'am, forgive me Ma'am.

Ganoon rin po kasi noong formulation sa corporations like Temasek, even sa Indonesia. So ganoon rin po yung structure niya.

Yes Ma'am. But there are distinctions between Temasek and INA in relation to what we are proposing here. So just to clarify, so you're seeking to create a hybrid corporation that has all the benefits of a government entity, exemptions of salary standardization, exemptions of procurement law, exemptions of payment of taxes, both national and local,

which will wreak havoc, by the way, because when they invest in stocks and buy and sell stocks, ang hirap i-track noon ha. But anyway, we will go there another time. And when you buy and sell properties too, government bonds, etc. etc.

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.

Hello mga nasa-

So mga kabunyog, napanood nyo, tinapos natin ano? Tinapos natin. Talagang ano, wala. Kung sa ano ito, hindi nila kapisado pa, ano ba talaga ang gagawin dyan sa Maharlika Investment Fund?

Kahit nga diba si Salceda, nung pinaliwanag yan ni Salceda, sabi niya, hindi, ano ito, magiging mas more on private na ito, hindi na ito controlled ng gobyerno. Dito na naman, iba na naman.

Kaya kahit sa pagmumula ng pondo, anong klase bang entity ito, wala mga kabunyog, magulo talaga. At ang madali lang nilang mapaunawan yan, sila Bato, sila Bonggo, si Bilyar, si Subiri, yun, madaling mapaniwala yan.

Sana nga si Chis Escudero, manatili siyang matibay sa kanyang paninindigan. Marami tayo, tayo naman pag maganda naman ang performance ng senador, pinupuri natin.

At sana, sana rin, kasi ang ini-expect natin si Risa Juntivero sa Casico Pimentel, alam natin maninindigan yan. Ang hindi natin sigurado itong si Chis Escudero, si Lara P. Tulpo, kasi ang mahirap niyan kung pagdating ng panahon kinausap na ng Malacanang, nagpago na ng stand.

Pero ilabas natin ang issue na sana hindi magbago si Chis Escudero, ang malinaw dito ang daming mga bagay na hindi pakabisado ng economic team ng gobyerno.

Hindi pa talaga malinaw ang maharika investment fund na yan. Kung ang Norway na napakagaling na, hindi kurap ang mga nakaupo doon, magaling sila mag-manage ng negosyo, na lugi, how much more sa atin mga kabunyog? Doon pa lang sa mga pagtatanong hindi na nila masagot. Natahimik na sila, natamimi na. Akala nila kabisadong kabisado na nila. Lipo ba?

O sige mga kabunyog, mga kababayan, ito po si Atty. Enzo Recto, napapanood rin tayo sa Atty. Ricky Tumutorko. Laging nyo pong subay ba yan? Laging nyo pong itangkilik ang aking mga programa at talakayan?

Sa pagkat kailangan pong marami nating kababayan ang makaalam ng ating pinag-uusapan. Kung ito pong mga pinag-uusapan natin ay malaman ng marami pa nating kababayan, madali po silang makakaunawa at mamumulat sila.

At sabi nga sa John 8.32, And you shall know the truth, and the truth shall set you free. So tulungan nyo ako, imulat natin ang ating mga kababayan, ang katutuhanan, ang magpapalaya sa ating bayan. Mabuhay po tayo mga kabunyog!

Mabuhay po tayo mga kabunyog!