OPINION | The political cost of the Maharlika Investment Fund By Calixto V. Chikiamco READ:
rmed to me what I knew all along. If the SSS and GSIS aren’t removed, the administration would burn in political hell early. It won’t be just employees like my driver who will loudly protest but also employers like the thousands of owners of micro-, small- and medium-sized enterprises who contribute to the pension fund.Therefore, the Congressmen turned to the hapless LANDBANK, DBP, and BSP to be the major contributors to the Fund.
Since the banking industry plays a vital role in the economy, matching savers with investors, the tremors in the industry will undermine macroeconomic stability. Second, while it’s true that the country’s forex reserves won’t be used, the BSP is mandated to declare 100% of its cash dividends in theectively delaying the increased capitalization of the BSP as mandated by RA 7653 and further amended by RA 11211. In the succeeding fiscal years, BSP is required to remit 50% of its declared dividends to the Fund.
Let us recall the Estrada presidency and EDSA Dos. The oligarchs didn’t care a whit when former President “Erap” Estrada was pocketing money from, the illegal numbers game. They started caring, however, when Erap started intervening in thenancial markets, facilitating the takeover of PLDT with the assistance of Mark Jimenez, and, more importantly, intervening in the merger between Equitable and PCI Bank.
PBBM can’t rest easy just because he won handily. Campaigning is one thing, governing is another. His continuing failure to tackle food inflation will surely erode his lofty poll numbers. His handling of the police and military may seed discontent that can be used to destabilize him. More troubles may lie ahead but this will all pale in comparison should the MIF be misused or cause instability in the banking system.
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