Senators Sonny Angara (left) and Grace Poe. (File photos from the Senate Public Relations and Information Bureau)
MANILA, Philippines — Senators Grace Poe and Sonny Angara expressed their support on Monday for the proposal to sell nonperforming government assets to fund the Maharlika Investment Fund (MIF).
The government has recently started exploring possible sources of funds to bankroll the proposed sovereign wealth fund.
“They are called assets, but some are nonperforming or problematic, riddled by corruption and mismanaged — thus, may be handled better by the private sector,” Poe said in a statement. “The sale however should be done transparently to the highest bidder. The buyer’s credibility should be considered. The proceeds of the sale should be well accounted for and should directly go to the intended fund.”
Angara echoed Poe’s pronouncements, saying in Filipino: “If a government property, like land, is not being used, it’s better to sell it or develop it through a joint venture for the benefit of the people. We only need to ensure that transactions are proper and transparent, especially when what’s at stake is public funds or funds meant for the public.”
The House of Representatives has already passed the Maharlika fund bill on its third and final reading. It’s up to Senate now to make its move.
The original bill proposing to create the MIF included as sources of funds the Government Service Insurance System and Social Security System (GSIS) and the Social Security System (SSS).
But following a public outcry, proponents updated the bill, taking out the GSIS and SSS as sources of funds.