00:50.0
Ano ba ang role and significance ng Sovereign Wealth Funds in the global economy?
00:55.0
It provides an economic buffer aiding in stabilization during downturns.
01:00.0
Kasi may sobra nga, it's parang saving for a rainy day ang nangyayari pero in the global scale
01:05.0
at country level yung pinag-uusapan natin.
01:08.0
So given their long-term investment horizon,
01:11.0
yung SWF can take on investments with substantial long-term return potential.
01:17.0
So dahil long-term yung pinag-uusapan natin, mas kaya mag-take on ng risks ng mga Sovereign Wealth Funds
01:23.0
and that is good for the global economy.
01:26.0
And by investing in specific sectors, yung Sovereign Wealth Funds po can support national priorities
01:32.0
like infrastructure, technology advancement, or economic diversification.
01:37.0
At yan po actually yung gustong gawin ng Maharlika Fund.
01:41.0
Mas dito no, for national priorities.
01:45.0
At meron po tayong iba't ibang types ng Sovereign Wealth Funds.
01:51.0
So meron tayong savings funds, stabilization funds, at saka pension funds.
01:56.0
At meron ding for strategic development.
02:00.0
So how are SWFs funded? Paano ba sila napupondohan?
02:05.0
Pwede po itong through commodity exports. Ano ba yung commodity?
02:10.0
Ito yung mga produkto na kahit saang panig ng mundo mo bilhin ay pareho lang.
02:17.0
Katulad ng langis o yung diesel dito sa Pilipinas, pareho lang yung quality niyan ng diesel.
02:23.0
Sa Amerika, sa kung saan man. Maliit lang yung pagkakaiba.
02:28.0
Mga mais, mga bigas, asukal, commodity yan.
02:34.0
Kasi kumain ka ng asukal dito sa Pilipinas, kumain ka ng asukal sa Japan, pareho lang.
02:40.0
Matamis pa rin yung mga yun. Yan ang ibig sabihin po ng commodity.
02:45.0
Okay. Tapos meron din po na...
02:48.0
So yung kinikita from exports, pwede yang naging pangpondo ng sovereign wealth funds.
02:56.0
Kasi ang nangyayari niyan, kung narin ako, exporter ako.
02:59.0
So yung produkto ko, ibinenta ko abroad.
03:04.0
So ako ngayon ay nagkaroon ng dollars.
03:08.0
Kung ano man yung foreign currency yan. Nagkaroon ngayon ng dollars.
03:13.0
Pero pagdating ng dollars ko dito sa Pilipinas, hindi naman po pwede na ibabayad ko doon sa mga supplier ko
03:19.0
at saka sa mga trabahante ko ay dolyar din.
03:22.0
So kailangan kong papalitan yung dolyar na yan sa bangko.
03:27.0
So yung bangko, papalitan niya yan yung dolyar ko, bibilihin niya at magkakaroon ako ng peso.
03:34.0
Ngayon, yung bangko naman, yung naipon niyang mga dolyar na yan,
03:38.0
ay ibibenta niya sa Banko Sentral ng Pilipinas.
03:41.0
At bibilihin ng Banko Sentral yung dolyar na yan doon sa mga bangko.
03:46.0
Kaya nagkakaroon ng dollar reserves yung bansa natin.
03:50.0
Oh! Oh! Nag-gets niyo yun ha?
03:53.0
Dapat na. Intindihan niyo yan. Pinaghirapan kong i-simplify yan.
03:58.0
Ganon din yung nangyayari sa foreign exchange reserves natin.
04:03.0
So tayo, sa Pilipinas, hindi tayo nag-iexport ng malakihang commodity.
04:08.0
Unlike dati yung marami tayong industries na nag-iexport tayo.
04:12.0
Ngayon medyo mahina na.
04:14.0
Very few. Ang pag-export natin ng coconut, for example, banana, pineapple, hindi na siya ganoon kalaki.
04:20.0
Ang pinagkukunan talaga natin ng foreign exchange reserve natin ay through remittances from our overseas Filipino workers.
04:28.0
Ang ating mga bagong bayani.
04:31.0
So paano po tayo nakakakuha ng foreign exchange reserves dyan?
04:37.0
Nagpapadala sila ng dolyar dito o ng foreign currency.
04:42.0
Pinapapalitan natin sa bangko.
04:44.0
Yung bangko ngayon, mapapalitan sa bangko sentral.
04:46.0
Bibilihin ng bangko sentral.
04:47.0
Makakaroon ng reserva doon sa bangko sentral na dollars.
04:52.0
At yung pondo na yun ay pwedeng ilagay nga sa tinatawag natin na sovereign wealth funds.
04:58.0
Ganon kasi usually yung pagbuo ng pondo ng sovereign wealth funds.
05:04.0
Kaya napakontrobersyal nitong maharlika fund natin dahil yun nga, hindi naman tayo nagkakaroon ng windfall.
05:12.0
So transfer of assets from other funds.
05:15.0
Pwede rin naman yun, pension fund o ganyan.
05:18.0
Pwede rin ilagay sa sovereign wealth fund.
05:21.0
Ginawa yan sa ibang bansa, to be fair also.
05:24.0
At mga fiscal surpluses.
05:26.0
Merong budget yung gobyerno natin.
05:29.0
At yung budget, nung i-implement yung mga programa at the end of the year, may savings.
05:35.0
Budget surplus or fiscal surplus ang tawag dyan.
05:39.0
Eh, tayo dito po sa Pilipinas ay budget deficits po.
05:44.0
Wala pa akong taon na nabalayan na tayo ay nag-budget surplus.
05:49.0
Kaya ang tanong talaga ay, so saan ba dapat natin kukunin ang pangpondo sa sovereign wealth fund na yan?
05:57.0
Ang kasagutan po, ibibigay ko, maya maya.
06:00.0
Okay, so ano yung mga countries na may best practices on sovereign wealth fund?
06:06.0
Kasi maganda na, tingnan na natin kung ano yung mga magagandang practices abroad ng ibang mga bansa
06:14.0
to make sure na hindi na natin uulitin yung mga bad practices at kopyahin na natin yung mga magagandang practices nila.
06:22.0
So ano ba yung ibig sabihin ng best practice?
06:26.0
In terms of sovereign wealth fund, mayroon dapat clear objective.
06:31.0
Check natin ang Moharlika Fund on that.
06:34.0
Maganda naman kasi ang objective niya ay national development.
06:39.0
Okay, I agree. Mag-agree ako dyan.
06:43.0
Dapat mag-implement ito ng robust governance and operational frameworks.
06:48.0
Aha, dito na tayo medyo sumasablay.
06:51.0
Kasi yung robust governance, sa transparency international at global transparency index, ang baba natin.
07:01.0
So medyo challenging pa tayo dyan.
07:04.0
Ensuring high standards of transparency and accountability.
07:09.0
Yung Freedom of Information Bill na priority ng past administration ay hindi naman talaga na ipapatubad.
07:17.0
Yung Freedom of Information Law natin.
07:22.0
Yan ha. So ito yung mga best practices na dapat titignan natin sa sovereign wealth fund.
07:28.0
So sa una, walang problema dyan.
07:30.0
Kasi talagang madali naman magsabi ng layunin at objective.
07:35.0
The devil is in the details.
07:37.0
Kahit na sinabi mo pa na ang objective ko ay maging Miss Universe.
07:41.0
O magandang objective yan. Pero kaya mo ba?
07:45.0
Baling kinitan ka ba? Magaling ka bang sumagot sa Q&A?
07:50.0
Ganon din sa sovereign wealth fund.
07:52.0
Madaling maglagay ng mga objective pero yung governance, operational frameworks, transparency and accountability,
07:58.0
kailangan pa natin isaalang-alang ang mga yan.
08:02.0
Okay. Ang isa sa pinakamagagaling na gumagawa ng kanilang sovereign wealth fund ay ang Norway.
08:15.0
Ang kanilang government pension fund global which is managed by the Norwegian Investment Management.
08:27.0
Okay. So ito ay funded by oil revenues.
08:32.0
So galing po sa langis o windfall yan.
08:36.0
Parang naka-discover sila ng kayamanan at sabi nila,
08:40.0
hindi natin dapat ito ginagastos para sa atin lang.
08:43.0
Pwede ito sa future ng bansa natin at mapapakinabangan ng mga susunod na henerasyon.
08:49.0
Meron ba ganyan sa Pilipinas?
08:54.0
Actually meron. Meron tayo doon. Yung malampaya, gas.
08:58.0
Pero question mark kung nasan yung pera.
09:03.0
Actually nalulugi pa nga yato o yung pondo ay nagamit natin.
09:09.0
So hindi talaga sya pang surplus.
09:11.0
So yan. This is intended to finance public pensions and prevent economic overheating.
09:18.0
Yan po yung government. Yan po yung sa Norway.
09:23.0
And ang Norway na sovereign wealth fund, known po yan for its high transparency and ethical investment guidelines.
09:32.0
Kasi napakababa naman talaga ng corruption sa bansang yan.
09:36.0
At yung kanilang investment guidelines talaga ay malinaw na malinaw.
09:48.0
Okay. So ang susunod naman ay ang Singapore.
09:51.0
At ang Singapore ay may dalawa siyang, meron siyang dalawang sovereign wealth fund.
09:57.0
Di ba nagmamataray itong Singapore?
09:59.0
Not one siya. Not one but two sovereign wealth funds siya.
10:06.0
At ang kanyang sovereign wealth funds ay tinatawag na Temasek Holdings
10:10.0
at yung isa naman ay Government of Singapore Investment Corporation.
10:15.0
So ito ay napondohan naman by Singapore's foreign reserves.
10:21.0
Dahil lang Singapore ay malakas ang pasok ng kanyang dolyara mura sa tourism at sa kanyang financial sector,
10:29.0
lumalaki ang kanyang foreign reserves.
10:31.0
So ngayon, yun yung ginagamit niya para pondohan yung kanyang sovereign wealth fund.
10:37.0
Actually tayo, ang pwede rin na sana na gamitin natin dyan ay yung foreign reserves natin as a result of remittances.
10:46.0
Pero ang nangyayari kasi kapag titignan natin yung ating foreign reserves,
10:51.0
ay hindi pa siya nandun sa best practice level na masasabi natin may sobra-sobra tayong foreign reserves.
10:58.0
Eh yung sa Singapore, sobra-sobra na. Kaya sila ay nagkaroon ng sovereign wealth fund.
11:04.0
So yun, it aims to strengthen Singapore's economy and ensure the well-being of the future generations.
11:11.0
And of course, we know that Singapore is renowned for their, again, strong governance and clear investment strategies.
11:24.0
Pangatlo ay ang Abu Dhabi Investment Authority. This is funded by oil surplus.
11:31.0
So ADIA ang tawag dyan. So it's aimed to diversifying income sources away from oil and stabilizing the economy of Abu Dhabi.
11:40.0
Known for its diversified investment portfolio and product risk, a prudent risk management. Yan po ang Abu Dhabi.
11:48.0
So why are these SWS successful? Bakit sila nagtatagumpay?
11:56.0
Ang common, strong governance and operational frameworks, high standards of transparency and accountability,
12:02.0
at saka ethical investment guidelines, and diversified investment portfolio.
12:07.0
So dyan na nagkakaroon ng maraming question mark, question mark, question mark.
12:12.0
Yung social wealth of ating sovereign wealth fund o mahalika fund ng Pilipinas.
12:18.0
Ano yung mga controversies in other countries?
12:22.0
Punta natin yung mga best practices. Ngayon naman, punta tayo dun sa mga controversies
12:26.0
para alam na natin yung mga kukopyahin natin at ano naman yung mga iiwasan.
12:30.0
So para sa mga iiwasan, ito, problemado. Libyan Investment Authority.
12:38.0
Dahil ang problema naman dito ay kanilang opacity.
12:41.0
Ang opacity kasi ibig sabihin hindi makapasok yung light so hindi siya transparent.
12:47.0
Ang Libyan Investment Authority faced several allegations and legal actions related to mismanagement and corruption.
12:56.0
Ganon din ang Chinese Investment Corporation because it faced criticisms over the lack of clarity surrounding its investment strategy and performance.
13:09.0
Ang Russian Direct Investment Fund, political interference and lack of independence naman yung kanyang controversies dito.
13:19.0
Kasi nabinu-view yung pondo as a tool of state policy for geopolitical influence rather than as an independent financial institution.
13:28.0
Ibig sabihin yan, mas importante nagagamitin niya yung pera na yun para maging powerful siya in the global stage
13:36.0
and preserving the fund for the benefit of its economy and its people.
13:41.0
Ganon din sa Qatar Investment Authority kasi closely tied yung kanilang sovereign wealth fund sa ruling family.
13:49.0
So nagiging parang old school pa na monarch-monarch niya.
13:54.0
Yung Norway din actually na sovereign wealth fund mayroon yung negative effect in the global economy
14:03.0
because sobrang laki niya, it can influence global markets and impact investment decisions.
14:12.0
The same is true with SAMA or the Saudi Arabian Monetary Authority.
14:18.0
Dahil sa laki din, pwede siyang makainfluence sa global financial markets.
14:24.0
Okay, dito naman tayo sa advantages ng sovereign wealth funds.
14:29.0
Ang advantages nito, of course, it will provide economic stabilization and diversification for the country.
14:34.0
May long-term investment potential po tayo.
14:37.0
It supports national strategic objectives and intergenerational equity securing wealth for future generations.
14:44.0
So discuss natin economic stabilization and diversification.
14:48.0
It can accumulate and invest the surplus revenues, particularly during high commodity prices or trade surpluses
14:56.0
para ma-stabilize yung ekonomiya kapag may economic downturns.
15:00.0
At dahil tayo ay nag-i-invest sa broad range of assets and geographies,
15:08.0
it can diversify the source of national income, reducing the resilience on volatile revenue sources
15:15.0
like commodities ng oil o kaya mga bigas, ganyan, kung ano man yung source of income.
15:23.0
So for diversification siya.
15:25.0
Long-term investment potential, dahil nga long-term yung investment horizon,
15:29.0
it can take on riskier assets na kapag ikukumpara natin sa mga investment traders,
15:34.0
ay hindi nila yun papasukin dahil nga masyadong risky.
15:38.0
So dahil kapag long-run yung investment horizon mo, when you invest, mayroon ka pang time na pwedeng bumawe
15:46.0
and you can exert more influence dahil malaking pondo ka nga.
15:51.0
It also allows them to weather short-term market volatility and capitalize on long-term economic trends
15:57.0
kasi yun nga, long-term yung horizon.
16:01.0
The Maharlika Fund or Sovereign Wealth Fund can support national strategic objectives
16:06.0
because if we invest in projects that are aligned with our strategic objectives
16:11.0
tulad ng infrastruktura, teknologiya, renewable energy,
16:16.0
it can support our national strategic objectives.
16:21.0
It can also facilitate economic development, job creation, dahil nga nag-i-invest ka.
16:26.0
So pwedeng mag-resulta yan into job creation, technological innovation in the home country.
16:32.0
Kaya maganda naman talaga magkaroon ng Sovereign Wealth Fund.
16:38.0
Parang napaka-ideal niya pero ang tanong, handa ba tayo for that?
16:44.0
Tapos dito naman ang isang benefit advantage pa niya ay
16:52.0
intergenerational equity or securing the wealth for future generations
16:57.0
kasi tulad ng mga bansang mayayaman sa langis, sinasabi nila after 50 or 100 years
17:02.0
baka pwedeng maubos na ang langis.
17:03.0
So ano na yung magiging negosyo or source of income ng mga future generation?
17:10.0
So para rin mag-invest na sila sa ibang investment ngayon
17:18.0
to generate wealth for depleting resources such as oil for future generations.
17:24.0
At para rin ma-ensure na yung wealth derived from finite natural resources natin
17:31.0
ay hindi lang ma-enjoy ng mga henerasyon ngayon pero mapapakinabangan pa ng future generations.
17:41.0
Sabi nga ni Whatever Blog Journey, ay nako sa atin kasi wala naman tayong maraming surplus
17:48.0
at hikahus pa nga tayo sa pangkapital. Yan nga din yung problema ko.
17:55.0
Anyway, disadvantages of Sovereign Wealth Funds.
18:00.0
So this has potential for mismanagement and corruption, it can concentrate economic power
18:05.0
and there is risk of economic overheating and asset price inflation.
18:09.0
Very obvious na itong mismanagement and corruption kasi ilang beses na ba natin itong nakita sa kwento ng Pilipinas?
18:16.0
Dahil kapag less transparent at less ang oversight natin which is the case here in the Philippines,
18:23.0
susceptible talaga ito sa mismanagement and corruption.
18:26.0
So yung mga large amounts of money na naminamanage ng Sovereign Wealth Funds
18:34.0
na ang mga bansa ay mahina pa ang kanilang institutional governance,
18:39.0
pwede po yang ma-misuse talaga at ma-misappropriate.
18:43.0
Nakong dami-daming mga examples niyan.
18:46.0
Meron din pong concentration of power.
18:48.0
Dahil nakakalap tayo ng pondo at sino ba yung mga nakaupo dyan at maggagawa ng decision,
18:57.0
sila sila na lang po talaga ang makikinabang.
19:00.0
At yung influence na yan ay pwede maka-afekto sa mga industriya and could have national security implications.
19:10.0
There's also risk for economic overheating and asset inflation.
19:14.0
Kasi kung narin dahil ikaw ay malaking pondo at bibili ka,
19:19.0
punta ka ng infrastruktura for example at bibili ka ng real estate,
19:24.0
it could potentially overheat the real estate sector na hindi na ma-afford ng iba na bumili.
19:34.0
So hindi rin siya maganda.
