SAYING THAT the economy is strong, Senator Sherwin Gatchalian on Sunday, January 22, 2023 expressed the belief that the Philippines will not be affected by the possible recession that might happen globally specifically in the United States and Europe.

Gatchalian reaction came amid questions raised on the controversial Maharlika Investment Fund Bill.

“Tama ka may banta ng recession sa buong mundo especially in the West, sa America, Europe. Ang kagandahan sa atin nakikita ko naman matibay ang ating ekonomiya kahit na may ganun na banta kahit na mataas ang inflation, at 8 percent, lumago pa ang ating ekonomiya at lalago pa ang ating ekonomiya. Last year, ang projection 6-6.5%, this is projected, mga ganyan 6-6.5 so ang ibig sabihin resilient ang ating ekonomiya dahil maraming bagay. Unang-una, bata ang ating populasyon, consumption economy tayo kaya tayo lumalago. ” Gatchalian said over an interview at DZBB.

Gatchalian said he is open to having a discussion on the proposed MIF which President Ferdinand Marcos jr is pushing in the recent World Economic Forum that was officially launched before global investors in Davos, Switzerland.

Senate President Miguel Mig Zubiri maintained that it is interesting to note that idle funds will become productive using MIF as the government’s jumping point. The Senate Chief said he is expecting Senator Mark Villar, chairman of the Senate Committee on Banks to file his own version of the measure as he revealed that the Lower House has already filed House Bill No. 6608 as the counterpart measure.

According to some reports, both the House and the Senate are eyeing to pass it before the Holy Week starts this year.

Gatchalian admitted that although both Houses are open to this possibility, they still have to be realistic in admitting that the possible sources of funds will also be an issue and this will be tackled as the center of their discussions among senators once it is already on the floor.

“May mga issues na dapat pag-usapan na mabuti. Unang-una, yung pondo saan kukunin, hanggang ngayon debate pa rin yan. Nakita ko ang mga argumento ng iba’t ibang mambabatas natin, marami nagsasabi na kung kukunin sa GOCC ay hindi na yan mapupunta sa General Fund. Kapag hindi napunta sa general funding o sa GAA, sa general appropriations, hindi na natin magagastos yan sa pagpapagawa ng eskwelahan, pagpapagawa ng kalsada, pagbibili ng medisina. So may ganung anggulo na tama dahil kapag kukunin mo yan sa GOCC, hindi na, mababawasan yan sa General Appropriations. Pangalawa, assuming makakalikom tayo ng pondo, eh sapat ba yan para kumita dahil sa mga ganitong sovereign wealth fund.” Gatchalian said.

Gatchalian said this move will really help the country but the timing should be one good consideration in implementing the MIF.

“Malaki talaga ang pangangailangan ng ating bansa pagdating sa pondo. Ngayon as to the timing, sa akin ang pinaka concern ko is more kung saan kukunin ang pondo dahil kung may pagkukunan tayo, let’s say may sobra tayo, then pwede nang ma-solve ang timing pagdating ganun. Pero kung wala kang pagkukunan, timing will be an issue dahil marami nga tayong pangangailangan. Gatchalian explained.

Gatchalian who chairs the Senate Committee ways and means said it is important to discuss all the nitty gritty parts in order to make sure that the funds will really help the country and our people as he maintained that this is a sovereign wealth fund that should benefit the Filipino people.

Gatchalian also explained that the Senate will have to scrutinize the smallest details including the proposed version of the House of Representatives of the MIF which dropped the Bangko Sentral Pilipinas (BSP) in favor of an Initial Public Offering (IPO).

He insists on the need to apply checks and balances “to improve the governance structure of the MIF in the use of the government fund saying it is a must to provide regulation or oversight with the funds.”

“Naisip ko kaya i-IPO ng mga proposal ay para umayos ang kanilang governance structure, ibig sabihin hindi lang gobyerno ang nasa loob kundi may private sector, ibig sabihin may check and balance ka, government and private na nagmamanage at nagbibigay ng regulation o ng oversight dito sa pondong ito. he added.

Gatchalian said that at the end of the day, the benefits should be for the Filipino people and the whole country, and if the so-called MIF succeeds with the right timing, he said will be a good contribution to our nation.