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PBBM out as MWF chairman
DOF chief to take post instead to keep wealth fund mgt. non-politicized By Maricel V. Cruz and Julito G. Rada
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AWMAKERS on Friday said they would remove the President as chairman of the board of the Maharlika Wealth Fund (MWF) as the proposed sovereign wealth fund continued to draw criticism from business groups and academics.
Earlier this week, lawmakers had already removed the Government Service Insurance Service (GSIS) and the Social Security System (SSS) as mandatory contributors to the fund, after their members and critics questioned the wisdom and constitutionality of investing workers’ pensions in what could be high-risk ventures. On Friday, proponents of the bill took one step further after Senior Deputy Minority Leader Paul Daza said during a House hearing that the investment fund would be politicized if the President would chair the board of directors. “It’s a no-win for the President to chair
such a board,” Daza said. Responding to Daza’s point, House banks and financial intermediaries committee chairman Irwin Tieng said the authors of the Maharlika Investment Fund (MIF) bill would remove the President as chairman of the board and replace him with the secretary of Finance. Tieng added that there would now be four independent directors rather than two in the 15-person board. But Daza also said members of the board should not be appointed by the President. "I think it would be better governance Next page
VOL. XXXVI • NO. 297• 3 SECTIONS 12 PAGES • P20 SATURDAY, DECEMBER 10, 2022 • www.manilastandard.net • mst.daydesk@gmail.com
Big-time oil price rollback up next week Byline Alena Flores CONSUMERS can expect a big-time rollback of as much as P4 per liter by next week, an official from the Department of Energy said Friday. Rodela Romero, Department of Energy director for the Oil Industry Management Bureau, said that based on the four-day
trading period, the oil firms are expected to cut kerosene prices by P3.80 to P4 per liter, gasoline by P1 to P1.30 per liter, and diesel by P3 to P3.30 per liter. Romero said the continuing slowdown in demand from China contributed to the forecasted oil price rollback. A report by Reuters said traders were unfazed by the closure of the Keystone
pipeline, which could affect supply. Reuters said markets are bearish over the economic slowdown, weak demand, and forecasts of more interest hikes. On December 6, the country's oil firms cut pump prices by P1.95 per liter for gasoline, P1.90 per liter for diesel, and P1.65 per liter for kerosene. Next page
PH boosts air defense with two modern choppers By Vince Lopez PRESIDENT Ferdinand Marcos Jr. on Friday assured the Philippine Air Force (PAF) that he would fully support its vision to become world-class as he led the ceremonial
blessing of two new T-129 ATAK helicopters in Malacañang. The President expressed hope that the modernization will drive the Air Force to enhance its defense capabilities consistently, perform its duties effectively and pro-
tect the nation vigorously and with pride. Congratulating PAF for the acquisition of the new air assets, Mr. Marcos said he expects that the recently acquired state-ofthe-art helicopters will improve the Air Next page
TWIN CHOPPERS. President Ferdinand R. Marcos Jr. on Friday leads the ceremonial blessing of two new T129 ATAK helicopters in Malacañang and assured that his administration will fully support the Philippine Air Force (PAF) in fulfilling its vision to become world-class. Presidential Photo
Meralco rate hike set, but lower than ERC estimate MANILA Electric Co. (Meralco) on Friday confirmed higher power rates in December and January, but not as high as the Energy Regulatory Commission (ERC) estimated a day earlier. Customers of Meralco can expect
higher power rates after the company finishes paying off a P0.28 per kilowatthour refund and the company stops getting its electricity from San Miguel Corp., company spokesman Joe Zaldarriaga said.
Meralco announced on Friday an increase of P0.3297 per KWh for December, equivalent to an increase of around P66 for residential customers consuming 200 kWh. Next page
Angelo Jimenez Mr. Marcos to hold 10 bilateral named as 22nd talks during ASEAN-EU summit president of UP ByandReyVinceE. Requejo Lopez
starting Monday to bolster Philippine ties with the Western world, the Department of Foreign Affairs said Friday. DFA Assistant Secretary for ASEAN PRESIDENT Ferdinand Marcos Jr. will Affairs Daniel Espiritu said the President, hold bilateral talks with at least 10 heads who leaves Sunday night, would hold of government from the European Union Next page
PAG-IBIG AWARD. Manilastandard.net, the official website of the Manila Standard, wins the Agap Balita Award of Pag-IBIG Fund's Gawad Pag-IBIG para sa Media 2022 on Friday at the Century Park Hotel in Manila. The award is given to the media outlet that gave 'preferential attention and acting outstandingly in addressing the urgency by which news and updates on Pag-IBIG Fund programs are disseminated.' Receiving the award from Pag-IBIG Fund officials are the Standard's OIC for Sales and Operations Anita F. Grefal (center) and Advertising Manager Baldwin R. Felipe (second from right).
TAGUIG PULLS SUPPORT FOR LOCAL PDEA NEWS / A4
DFA: OFW DIES IN QATAR AT WORLD CUP SITE NEWS / A3
THE University of the Philippines Board of Regents has named former faculty regent Angelo Jimenez as the 22nd president of the country's 114-year-old premier state university. "Angelo Jimenez is the 22nd President of the University of the Philippines," said Tinig ng Plaridel, the official publication of the UP College of Mass Communication, on Facebook. "Beginning in 2023, the former Duterte-appointed UP regent will serve a six-year term as chief officer of the nation's premier state university," it said. Jimenez, a lawyer, will replace Next page
HAM SEASON. Salespersons arrange Chinese hams sold by the renowned Excelente store in Quiapo, Manila on Friday. Prices range from P1,680 for bone-in hams and P1,580 for boneless varieties. Norman Cruz