Poe: Sell non-performing or problematic gov't assets to fund MIF

Senator Grace Poe favors the sale of non-performing or problematic government assets to fund the Maharlika Investment Fund (MIF).

Poe thinks the private sector might handle these assets better as they are said to be riddled by corruption or are mismanaged.

She advised that the sale should be done transparently to the highest bidder.

"The buyers’ credibility should be considered. The proceeds of the sale should be well accounted for and should directly go to the intended fund," she explained.

Poe said Philippine Amusement and Gaming Corporation (PAGCOR), for example, is a regulator and should not be themselves running a gambling casino.

‘’They should sell those casinos run PAGCOR. It may be a windfall and at no risk to the public. Unlike if initial investments are sourced from government reserves which is not only wrong but dangerous,’’ she stressed.

In a statement issued last Saturday, former Senate President Franklin M. Drilon said the solution to the problem of funding the MIF ‘’lies in the long overdue privatization of PAGCOR and the Philippine Charity Sweepstakes Office (PCSO).’’

‘’Privatizing these two would generate up to P300 billion that the government could use to fund its ambitious Maharlika Investment Fund,” he added.

Sen. Sonny Angara, chairman of the Senate Committee on Finance, also found the proposal on the sale of non-performing assets to fund the Maharlika fund more feasible.

"Kung hindi naman nagagamit ang ari-arian ng gobyerno tulad ng lupa - maigi nang ibenta o i-develop ito thru joint venture para mapakinabangan ng taumbayan (If these government assets like land can no longer be used, it is better to sell it or develop it through joint venture so the public can utilize it)," Angara said.

"Kelangan lang maayos at transparent ang mga pinapasukang transaksyon lalo na kapag ang gagamitin ay public funds o pondong dapat pampubliko (But there's a need to make sure that any transactions to be entered into by the government is transparent especially since we will be using public funds)," he pointed out. (With reports by Hannah L. Torregoza)