The reason
“I’m not a perfect person… but I continue learning,” this excerpt from the 2004 hit single of American boy band Hoobastank, reaching the second slot on the Billboard Hot 100, keeps playing on my mind as I read the news on the suspension on the implementation of the Maharlika Investment Fund (MIF) that reverberated the business and banking community early morning Wednesday.
It reminds me of the rationale behind the suspension: to take a second look at the implementing rules and regulations (IRR), which I took it to mean that it is “not perfect.”
With the overabundance of views and opinions both negative and positive, though, mostly on supporting the Palace decision to put MIF on hold, no one ever mentioned the real reason behind the Palace decision. The IRR cited is for me merely a soft-pedal reason.
Riled-up, the Rottweiler journalist me did some sleuthing on the backdrop that the announcement heavily impacted on incumbent Finance Secretary Benjamin “BED” E. Diokno.
Where do you go from here, Mr. BED? In my previous piece, I mentioned about his eventual transfer as head of MIF, which to some observers described as his “golden parachute” with the impending entry of Batangas Rep. Ralph Recto.
Yes, Virginia, the Congressman is taunted to be again joining the executive branch to take the helm of the Finance Department. His entry, however, is like MIF put on hold because it’s the campaign period for the Barangay election scheduled this October 30, which by the way former Treasurer of the Philippines Mina Figueroa is running as a “kagawad” (village official) in Barangay Laging Handa in Quezon City.
Remember, he was the Socio-economic Planning Secretary in 2007 but it was a holding post because a little over a year later he resigned to take another shot at the Senate.
Looking at the timeline when the Palace order was signed, which was October 12, the nagging question left unanswered is: what took the Executive Secretary Lucas Bersamin to make the disclosure a week after?
From what I’ve gathered, the reason to suspend the implementation of the MIF stemmed from the pull-out of prospective investors from the Gulf region due to the on-going conflict between the Palestinians and Hamas.
Before the eruption of the on-going conflict at the Gaza strip, I heard that all the economic managers have been advised to join the official delegation of President Marcos to attend the First ASEAN-Gulf Cooperation Council Summit in Riyadh, Saudi Arabia.
The plan then was for the economic team to conduct a roadshow presentation to prospective Middle East investors. However, Palace told some of the economic managers, including Transportation Secretary Jaime B. Bautista that there would no longer be roadshow because of the October 7 attack by Hamas.
Heard from the diplomatic corridor that the prospective investors to the MIF expressed reservations for now due to the geo-political situation. And Sec. BED is still joining the official delegation as he has designated an officer-in-charge while he’s out of the country.
Also, my lion’s ear overheard the Palace tittle-tattle that there’ll be mini-revamp on the economic team. Aside from the House Deputy Speaker, the names of former President and chief executive Officer of the Bases Conversion and Development Authority Vivencio "Vince" Bringas Dizon and Robinsons Land President and Chief executive Officer Frederick “Deck” Go will be given cabinet portfolios.
The one piso Presidential Adviser on Investment and Economic Affairs, who earlier vehemently denied the possible Cabinet engagement, is reportedly being considered to take the Trade and Industry post. While Mr. Vince is said to shepherd DOTr.
All these appointments, from what I heard, will have to be announced sometime in November.
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