Return P75 B Maharlika funding to DBP, Landbank
By Nidz Godino
"I stand by what I said, it is unconstitutional…so therefore, they should just abandon Maharlika project… meantime, to be practical, return Landbank and DBP money…otherwise it will sleep there for long time because they still have to perfect it…it still needs to be organized as corporation," while executive department is still "perfecting" Maharlika Investment Fund, Senate Minority Leader Aquilino Pimentel III is calling for immediate return of P75 billion to government-run banks.
Pimentel said process of "perfecting" MIF, has yet to constitute Maharlika Investment Corp., will take long time and returning money to Development Bank of the Philippines (DBP) and Land Bank of the Philippines is practical thing to do.
He maintained law constituting MIF is unconstitutional.
Pimentel, bar topnotcher, noted petition he and several others filed before Supreme Court to declare MIF unconstitutional remains pending.
In calling for immediate return of P75 billion, he pointed out both Landbank and DBP could not use or touch fund for as long as it remains allotted to MIF.
"That money is sleeping… still long way before this MIC becomes operational…we still need to choose individuals to compose board, its governing body… then hire manager… have to hire investor experts, buy their computers, and do computer analysis… will take months or years.. so for long time, Landbank's P50 billion and DBP's P25 billion will sleep in Bureau of Treasury…nothing will be spent yet as government has yet to constitute MIC, including board… managers will propose where to put money… board is not there yet, nothing is there yet.. still far-fetched,," Pimentel said .
Pimentel earlier called on Malacañang to abandon MIF as he welcomed its initial pronouncement that President Ferdinand Marcos Jr.ordered fund's implementation suspended. FMJ later clarified they were just trying to perfect MIF.
No comments:
Post a Comment