‘Latest version of MIF bill ensures transparency’ By Jasper Emmanuel Y. Arcalas @jearcalas
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HE public will be able to access and secure documents of the proposed Maharlika Investment Fund (MIF) and Maharlika Investment Corp. (MIC), including investment plans and audit documents, based on the current version of the legislative measure. House Speaker Martin G. Romualdez said the version of House Bill (HB) 6608 approved by the House of the Representatives on third and final reading included another transparency measure to allay the public’s concerns on the MIF’s accountability. See related stories on the MIF on page A10. Romualdez said HB 6608 has a provision that allows the public to exercise its right to freedom of information regarding the finan-
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cial matters of the MIF, which is touted to contribute to the country’s prosperity. “During the lengthy and exhaustive plenary deliberations on House Bill 6608, we have adopted various safeguards to ensure we can achieve the objectives of the Maharlika Investment Fund, and one of such is a provision to ensure transparency on relevant financial matters pertaining to the MIF,” he said in a statement. Romualdez said it was ACT Teachers Partylist Rep. France Castro who proposed the additional transparency provision during the period of individual amendments in the plenary deliberation of HB 6608. “The third reading version now creates an MIF that is significantly more transparent and accountable than the committee report. I am proud of the work of the Technical Working Group, which included recommendations from
the minority,” said Albay 2nd District Rep. Joey Sarte Salceda, who chairs the technical working group on HB 6608. Under Section 43 of the approved HB 6608, all documents of the MIF and the Maharlika Investment Corp.—the independent body created to manage the fund—will be open, available, and accessible to the public. The documents covered by Section 43 include, but are not limited, to the following: ■ All investments thereof, whether planned or under negotiation by the MIC and on the portfolio of the MIF; ■ The statements of assets and liabilities (SALNs) of the members and officials of the board of directors, risk management unit, and advisory board; *The SALNs of those who appointed and designated the said members and officials; See “Latest,” A2
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BOI: HYBRIDS EXCLUDED FROM ZERO-TARIFF PLAN
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By Andrea E. San Juan
NLY pure electric vehicles (EVs) will enjoy zero tariffs as the government is keen on attracting more investments in the EV industry, according to an official of the Board of Investments (BOI).
BOI Managing Head and Trade Undersecretary Ceferino S. Rodolfo said hybrid vehicles were excluded from the planned zero-tariff policy for EV as it does not strictly require charging stations. “They were saying before that we want to develop infrastructure, the charging stations. The problem with hybrids, most of them will not need any charging station,” Rodolfo said in a mix of English and Filipino during a recent virtual press briefing. “So, the charging stations will not be developed if we prefer to include hybrid. While if it’s pure, [EVs], it will spur investments
through the charging stations,” he added. The BOI official, who is also the Department of Trade and Industry’s (DTI) undersecretary for industry development and trade policy group, noted that DTI Secretary Alfredo E. Pascual is more interested in the manufacture and assembly of EVs. Rodolfo said Pascual is keen on developing and adding value to the country’s natural resources. He said the Philippines must also leverage its strength in software development and electronics manufacturing. See “BOI,” A2
BUDGET OVERRUN TO TEMPER APPETITE FOR PLDT–ANALYST By Lorenz S. Marasigan @lorenzmarasigan
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NVESTORS might become reluctant to put their hardearned money into PLDT Inc. after its controversial P48billion “budget overrun” announcement on Friday, with foreign investors already weighing in on the issue over the weekend. First Grade Finance Inc. Managing Director Astro C. del Castillo believes that investors will be risk-averse toward one of the Philippines’s blue-chip telco stocks, especially since the issue
is far from conclusion. “It will definitely bite them— it’s not a small amount,” he said in a phone interview. “PLDT is far from over in searching for more skeletons in their closet, until then investors will somehow be risk averse considering that it has yet to conclude. I’m sure there are still bumps along the road.” On Friday, PLDT disclosed that it had a “budget overrun” of P48 billion, which represents 12.7 percent of its total capital expenditures (capex) spend of P379 billion over the last four years.
PESO EXCHANGE RATES n US 55.7420
See “Budget,” A2
CHRISTMAS TRADITION A marching band performs after the first dawn Mass at the St. Joseph Parish Church in Las Piñas City, December 16, 2022. Filipinos attend nine consecutive dawn Masses before Christmas as part of traditional practice in this largely Roman Catholic nation as Covid restrictions eased in the country. AP/AARON FAVILA
‘PHL is capable of becoming a digital leader’
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ESPITE the uncertainty created by the pandemic and the recent spike in commodity prices, the government and the private sector remain optimistic about the country’s prospects, particularly in the digital space. At the recent Philippine Fintech Festival hosted by Digital Pilipinas, participants said the Philippines is “well-positioned” in Web 3.0, blockchain, crypto, and non-fungible tokens (NFT), among others.
According to Coins.ph CEO Wei Zhou, the Philippines is on the cusp of something “very big.” “We really need to learn blockchain, crypto, NFT, and other digital assets by using them in their day-to-day lives,” he said. Atty. Jocelle Batapa-Sigue, Department of Information and Communications Technology (DICT) undersecretary for ICT Industry Development, discussed crypto trends and gave her insights on the execution of Web 3, blockchain, and
efforts to digitalize the country. “Blockchain technology has proven that valuable opportunities have opened up for Filipinos that wouldn’t have been possible in the past,” she said. “Because of this, we look forward to partnering with like-minded organizations that push the country’s ICT agenda and supporting initiatives that can bring Web 3.0 closer to the Filipino people.” Ling Zhang, managing partner at Old Fashion Research, said now
is the right and “perfect” time to build and invest in the crypto space. With this in mind, Coins.ph plans to make the Philippines a leader in Web 3.0 not just in Southeast A sia, but globa l ly. “What we need to do collectively is to make the Philippines a champion of blockchain adoption, because it is really possible with the help of users, capital, and projects,” said Wei.
n JAPAN 0.4046 n UK 67.8938 n HK 7.1678 n CHINA 7.9906 n SINGAPORE 40.9627 n AUSTRALIA 37.3527 n EU 59.2537 n KOREA 0.0423 n SAUDI ARABIA 14.8250
See “PHL,” A2
Source: BSP (December 16, 2022)