House Speaker Martin Romualdez (Speaker’s office)

House Speaker Martin Romualdez floated the possibility of using the Maharlika Investment Fund (MIF) to help local auto manufacturers as the industry adjusts to the needs of the Public Utility Vehicle Modernization Program (PUVMP).

"Ang priority po natin ay (Our priority is) Philippine-made [modern jeepneys] as this will bring out Philippine jobs and all other benefits,” Romualdez said during a dialogue with representatives of Sarao Motors and Francisco Motors on Friday, Jan. 26.

The Speaker noted that similar to the power sector, the local transportation industry—particularly the PUV manufacturers—should be included among the priority investments of the Maharlika Investment Corporation (MIC).

While he sees the advantages that foreign manufacturers bring, Romualdez says that prioritizing local producers is a matter of “common sense”.

“Kung may locally available naman, yun ang priority natin. Common sense lang naman iyan,” he said.

(If it’s locally available, that is our priority. That's just common sense.)

He noted that as long as there are local PUVs are reliable, durable, safe, and not expensive, there was no need to look elsewhere.

“Bakit mag-iimport tayo ng mas mahal? (why should we import something more expensive?)

During the dialogue, Elmer Francisco of Francisco Motors told Romualdez about his discussions with MIC’s CEO Joel Consing regarding possible investments to fast-track the progress of the PUV modernization program.

He mentioned that the MIC is exploring the viability of securing $200 million, or around P11 billion, for this purpose.

“Hindi lang po jeep ginagawa natin, pati drivetrains, battery, at terminals. Doon namin nakikita makakapasok yung MIC,” shared Francisco.

(We don't just make jeeps, we also make drivetrains, batteries, and terminals. That's where we see the MIC can enter.)

The MIC manages the MIF.

With these developments in the industry, Francisco expects thousands of direct employment for Filipino workers in the manufacturing of the PUVs, and millions of indirect employment in companies involved with supplies.

Romualdez, for his part, recently traveled to Davos, Switzerland to woo investors to the MIF--first Philippines’ first sovereign wealth fund--and to inform economic managers about investment opportunities in the country.

The Speaker cited the need to lift the supposed restrictive economic provisions of the 1987 Constitution as a way to welcome more investments.

Deputy Speaker and Quezon 2nd district Rep. David Suarez and Committee on Appropriation Chairman and Ako Bicol Party-list Rep. Zaldy Co were also present in the dialogue at Manila Golf and Country Club in Makati City.