Friday, 30 December 2022

“Keep looking for the truth as to continue learning, toiling, and forging”

“Keep looking for the truth as to continue learning, toiling, and forging”

A New Year’s message


As another year draws to a close in the tumult of history, this note bid thee the folk a hope-filled and a joyful new year. For this 2023 this note sincerely hope that this is not simply end as a “fourth year of the pandemic” as that of the last few pandemic-marred years, but rather a chance to recover each and everyone’s lives and livelihoods, and to find true love, happiness, and a lasting peace.

How come? For the fact that 2022 was marred by the COVID19 pandemic, people tried to find ways to survive, much better recover further from the crisis. From there individuals and establishments finding ways to stay afloat despite risky times. But unlike the first two years would say that everyone’s taking time to get vaccinated in order to be protected. It was also the time that communities realise that “the virus is there to stay” and thus “making their best” to strengthen their health and well being in order to keep going. And this requires effort, but not unlike the past years that’s riskier due to the fatal effects of COVID19.
But, on the other hand as people trying to cope with the situation there are those who rather exploit the situation for their interests. Especially in a time everyone’s trying to recover if not looking ways to sustain, there are those who use the pandemic to tinker their idea of silencing dissent and to consolidate their interests. Sorry if this seems going to be political but it is not surprising to see authorities putting their interests first while claiming to be “for the people” especially during last elections. 

And in speaking of that recent May elections people have waited for real hope to happen- but no, what they see is same old pretension by those claiming to be for the people and for the nation, but again no! Especially when cracks suddenly appear over the structure called “unity”, of scandals amongst allies unearthed, and policies and plans being scrutinised by those truly concerned, especially when it includes using the coffers of the public and claiming “this for the benefit of many”. Quite worrying isn’t it? Anyway sorry for this becoming political for the fact that this coming year will always hear same old scandals and problems alike a nation has to face. Expect protests of course, as well as actions of various sorts, as problems from past years will still ever carry even in 2023.

On the other hand, this note honours those whose inventive talent, ongoing education, and unwavering, artistic dedication to the craft have kept communities afloat and gives encouragement to those with whom it will continue unabated on the path of learning ever-new lessons and coming up with concepts that can actually have a positive impact in this crisis-ridden world.  

To cut this short, this note adopts an attitude of assurance and hope as the nation and the world prepare for the year 2023, despite actual fear and crisis. The people will also need to put in a lot of effort and patience this year. But have faith that everything won't be in vain. Keep looking for the truth as to continue learning, toiling, and forging, and let it be known that doing so today will help communities achieve their objectives in the near future, resulting in a truly better quality of life for the people.

Thursday, 29 December 2022

“Inspire, inspire them to carry the lamps towards national redemption”

“Inspire, inspire them to carry the lamps 
towards national redemption”

A message for Rizal Day


Warm patriotic greetings. 

It is expected that this Rizal Day that evert message deals much with reflecting if not recalling the achievements of the late national hero. 

Knowing that Rizal’s life and works comes with encouraging young and old alike to be inspired and thus perform an act of heroism in various ways, this note would say that the Filipino, in its quest for freedom has to continue embody the virtues of excellence, patriotism, and perseverance that Jose Rizal exhibited in his lifetime. 

However, knowing that the Philippines is still in a state of continuing past, the desire to attain such virtues amidst corruption and injustice would say that such attainments requires a herculean task particularly that of continuous studying social realities and of performing acts of service to the people in various ways. 
And it is not surprising that such words can be mellowed down by those whose nature is corrupt, that contrary to the message their actions as really opposing. What more to hear then telling each and everyone to follow Rizal’s as well as other heroes whose determination to achieve real change empower today’s Filipinos to become vigilant of the social ills that may threaten life, liberty, and pursuit of happiness. Yes, follow their example, the way these self proclaimed “servant of the people” urge to call for unity, but, that unity, that vigilance, and determination Filipinos embody may turn against them- especially when corruption, disenfranchisement, and various forms of oppression continue to prevail.  

And like Rizal’s works expect modern day Simouns to carry over the lamps that meant fear for the oppressor and hope for the oppressed. That’s all.

Sunday, 25 December 2022

Keeping the flames burning no matter what

Keeping the flames burning no matter what 

 Kat Ulrike 


For sure some would rejoice thinking that the battle will soon be over. But will the people accept their message and stop fighting? In the face of mass misery that cries to the heavens, of the hopelessness of economic chaos, of the desperation of working people after the pandemic, and the growing mood of panic in the country would say that the prevailing mood outweighs the casualties in the battlefield, what more to see that the expression is not of mourning, but that of reaffirming-and of fighting. 

How come? Contrary to what the establishment would have you believe, those who steadfastly seek the truth from the facts will continue the protracted struggle, and current socioeconomic issues do serve as external, objective forces that consistently motivate the Filipino people to engage in conflict. What's more, one can see that decades' worth of work and deeds have produced and will continue to produce hundreds of thousands of revolutionaries with the skills to lead and instigate change by any means regardless of the establishment’s statements and claims of “victories” as well as pretensions of wanting for peace. These goons have attempted to cover up their treacherous actions while spewing their narrative, blaming "the rebels" for the crimes they have committed against the country while robbing the populace of the last vestiges of a respectable existence through their intolerable and inflammatory attempts to stifle the country's social life. But the truth of having the country still facing the basic problems and those who aggravate inspire the oppressed and exploited Filipino masses to rise up, organise, and mobilise in their millions to fight and be prepared to give their lives if necessary. 

While a developing nation is impacted by the economic crisis and thus is unable to escape the issue due to the way it submits to neoliberal socioeconomic policies, the order finds this to be "developmental" even though it is not. Therefore, seeking truth from facts and the right to struggle for national and social liberation goes beyond the local sphere. No matter how "developmental" they may seem, these policies are actually anti-national in nature and are imposed by "developed" countries and their moneylenders. Trade, investments, resource ownership, and other policies that sacrificed national patrimony and disregarded human rights are among these. For as in other countries still facing the worsening economic crisis, this shows that the global capitalist system is again set on a downward spiral, after a short period of momentary expansion last year following the global recession of 2020 during the height of the COVID19 pandemic. Most developed countries are still affected in this downturn due to high oil prices and the aftershocks of pandemic-related disruptions of globalized supply chains resulting to high inflation. 
The US economy stagnated at the start of the first half of 2022 and is already headed for a recession in 2023 after the Federal Reserve started raising interest rates in the middle of the year, which reduced production. On the other hand, as a result of a deepening financial crisis marked by high levels of debt, bank and real estate defaults, a sharp decline in property development, and sluggish production output, “peoples” China, which has long been regarded as the engine of global economic growth and an examplar of “Socialist Market Economy” is still marred by its own problems. With these two “developed” examples, it can be concluded that, in addition to the effects of the crisis on developed countries, the vast majority of developing or underdeveloped economies (that the Philippines is included) also experience steep inflation, acute unemployment, currency devaluations as a result of US efforts to strengthen the dollar, which causes sharp increases in the price of food and other imports, a decline in foreign direct investments, and ongoing trade deficits. 
The pandemic has compelled nations to enact protectionist measures "to save jobs and promote production," yet they are still holding onto the hope that neoliberalism will soon return, particularly in nations that have been condemned by decades of neoliberal impositions to allow unrestrained plunder, which has resulted in the massive destruction of productive forces and economic resources.

But again, will the folk just stay mum on this? The order tries to appease people be it promising them 20 peso for a kilo of rice to that of subsidies for those affected by the crisis, yet they failed to resolve problems regarding food sufficiency and security that even the price of onions remains expensive. The order would even claim that the decades-old battle would soon over in their own terms, but in spite of their statements the chronic crisis continues to worsen as living standards deteriorate, what more to see people expressing a strong dissent against a regime who speaks much of “unity” yet failing to address the people’s suffering, let alone treating the people as a propaganda piece in their quest for power alongside those with entrenched interests. Such realities has made the people act urgently to defend their rights and welfare amid threats of a sharp economic crisis that can bring about poverty and hunger. 
As in other countries that felt the crisis, workers are staging major strikes and mass demonstrations to amplify their demand for wage increases and better working conditions. In the US, union organizing is on the rise including those being formed in major corporations in response to rising cost of living and low wages. In China, Increasing number of strikes & protests take place as more workers complain about unsafe working conditions and lower pay following virus cases contrary to their government’s “zero Covid strategy”. For sure from these examples around the world not just these two developed countries would say that the working class had enough of the pretensions brought by interest seekers and instead assert just calls be it protecting and promoting local businesses, jobs and better wages, price controls and consumer protection, and efficient social services especially in this recovering times the way they have enough of anti-national policies on trade, investments, economic resource ownership, and other neoliberal policies imposed by imperialist banks and governments. 

However, since oppression is intensified by interest seekers, then expect a renewed resistance in various means necessarily, not just to assert just calls, but to advance just causes. For amid worsening sufferings, repression and state neglect, of messages downplaying people’s struggles, the overall crisis of the ruling system is generating broad people’s resistance. Claims of "recovery" from this pandemic crisis also failed to address the issue, as workers' and middle-income sectors' living conditions continue to deteriorate, owing to high inflation, low wages, widespread unemployment, food shortages, and an overall decay of productive forces. The debt servicing, military spending, pork barrel funds, overpriced  "infrastructure" projects, and other unproductive spending planned throughout the current administration will be paid for with new loans, austerity measures, and decreased spending on social services, while housing, public health care, and education will all receive even less funding. The cost of living has also increased as a result of high prices for basic necessities like food, fuel, and transportation as well as for services like health care and education. Furthermore, tax cuts for wealthy individuals and large corporations alike will eventually be offset by increased consumption taxes on the middle class and poor.
Authorities and their defenders, however, are clinging to their position and employing a combination of armed repression and widespread deception. To futher claim that the struggle is irrelevant massive sums of money are being invested in this campaign of disinformation in mainstream and social media to drown critical news and information. This campaign includes promoting false images of contentment, distorting history, to that of terrorist-labelling and red-tagging to divert people's attention from important issues, muzzle their voices, keep them submissive, undermine social unrest, and divert people from the path of collective struggle. And attacks against unions, community organizations, school associations and others have been stepped up on the pretext of counterinsurgency. However, such campaigns don't change the fact that assaults on the populace are even more ruthless and brutal. Both individuals and organisations concerned are subject to surveillance and harassment, which violates people's fundamental rights. Authorities pursue them to "surrender," but people who refuse to submit or cooperate with the authorities face arrest, torture, or death- while laws are being disregarded in order to achieve “victory”.   

But regardless of downplays and attempts to mislead the folk, the crisis has made the country perched atop a social volcano that is constantly rumbling and about to blow. The vast majority of labouring people, including workers, peasants, and other groups, are growing increasingly uneasy about the economic crisis and outraged by the Marcos regime's flagrant disregard for the people's deteriorating conditions since assuming power. The Marcos regime will undoubtedly encounter fierce opposition from the populace in the coming years as it pushes to implement its anti-national and anti-people policies and programmes. But come to think of this: since the regime talked about the need for unity, then yes the people have acknowledged the need for unity, yes that unity incites the people to resist and the will to continue carrying the torches of struggle, as it continuously seeks truth from facts and reveals the still corrupt nature of the current administration alongside asserting just cause by any means necessarily.

Saturday, 24 December 2022

“A Christmas message”

“A Christmas message”


This christmas, Filipinos should bring to mind again the true spirit of this season- and this is more than just the material gifts nor the mouthwatering food one could enjoy. That the reason to enjoy is to give, even one’s self to the others as Christ did during his life on earth. His example would say that let people try their best to ensure the wellbeing and happiness of every folk that makes truly happy. 

Especially that as people trying their best to recover from the pandemic, of hearing scandals of various sorts, this note is ought to say that despite these challenges comes renewing a day of dedication of thoughts and efforts to the task of bringing about a better life to ome’s self, family, and community. Yet how? particularly in this period of crisis and anxiety? It becomes the responsibility of the people to seek the truth from facts, to stand up and assert what is right and just, to share with those in need, and to resist against oppression, just as the Angel told Mary about the messiah who will "cast down the mighty and has lifted up the humble, and filled the hungry with good things while the rich end sent away empty" in the Magnificat. 
That is what the Angel told Mary about the Messiah, and that Messiah is his son, Jesus Christ, who was born in a simple manger on this holy day. Call it a politically charged radical message, but that is what the Angel said.

To cut this note short, this event needs to reignite the reason to celebrate. That in addition to expressing love and joy during this season, every home and community must impart wisdom and inspire hope as to value the meaning behind every gift being shared. May this nation, like Christ who brought good news and peace, spark hope for a more positive, just, and peaceful future.

Monday, 19 December 2022

The beloved warrior is dead, long live the beloved warrior!

The beloved warrior is dead, 
 long live the beloved warrior! 

 By Lualhati Madlangawa Guererro 


Warm, patriotic greetings. 

At first, yours truly offers heartfelt condolences to the family and comrades of the late Jose Maria Sison. 

Born into a wealthy family in Cabugao, Ilocos Sur, "Joma," as his friends and colleagues called him, transcended his privileged upbringing by choosing to support the working and oppressed masses. He did this by studying the militant nationalism of Rizal, Bonifacio, and Recto and by creatively adapting Marxism-Leninism-Maoism to the Filipino context, giving the people a renewed committment to national rebirth and social justice through a protracted struggle to attain aspirations for national liberation and democracy. 

Through his writings, Cde. Sison laid the theoretical foundations of a new Philippine revolution with socialism as its perspective. Works like “Struggle for National Democracy”, “Philippine Society and Revolution” (as Amado Guerrero), and others became crucial study materials for the people to understand the nation’s situation and the serious need for struggle against systemic oppression in this continuing past. 
However, his analysis doesn’t limit to that of local context, but also in the international arena. He published the work “Stand for Socialism Against Modern Revisionism”, which shed light on the socialist revolution's path during the Soviet Union's complete return to capitalism in 1990, which was widely reported by various media outlets as the "end of history" and the triumph of the capitalist system. In 1997, he published a paper titled "On imperialist globalisation," in which he made it clear that the proletariat remains and still fighting even during the time of imperialism and the socialist revolution. 

Other than his theoretical notes, Cde. Sison is a litterateur whose poems showed his creative side as it celebrates with natural imagery and in a lyrical way the people’s struggle. In his poem “The Guerilla is like a Poet” he described the people’s war as a people’s epic with guerillas in rhyme with nature. The poem “The Forest is Still Enchanted” recognises myth and legend as guerillas taking over the role from the supernatural to lure and astonish intruders. There are other poems of his that carries the theme of liberation especially during his imprisonment, torture, and solitary confinement during Martial Law; as well as during his exile as he yearn for a warm, mountainous home with Mangoes and Orchids over Apples and Tulips. 

Regardless of his shortcomings, this doesn’t outweigh his immense contributions to the people, the nation, even the world, and the desire for freedom and justice. A trailblazer from his youth, Cde. Sison founded the SCAUP (Student Cultural Association of the University of the Philippines,  a play from the “UP Student Catholic Action”) in 1959 to counter the prevailing red scare over the campus and became an organized venue for the study of militant nationalism, as well as Marxism and the social conditions in the Philippines. This followed by the creation of Kabataang Makabayan (KM) with he as founding chairman in November 30, 1964 and led its development as one of the most important youth organizations in Philippine history. 
Over the past several years until his death, Cde. Sison continued to provide invaluable insights into both local and international crisis and the situation of the revolutionary forces. The importance of Cde. Sison and his works cannot be overestimated despite being belittled by his rivals and enemies, that his struggle no matter decades long will always be continuous as more and more will rise and fight against systemic oppression and in breaking open the path towards national and social liberation. 

That even his ideological rivals and enemies alike recognises his immense contributions in promoting national awareness and the need for a militant, radical social change. In an instance, Walden Bello, a known Democratic Socialist and ideological rival acknowledged Cde. Sison as a “giant of the Philippine Left”; to that of former president Duterte who admitted that while he and the late professor had major disagreements he believed that he and him shared same aspirations of a better future. 
On the other hand, there are others who rather spew slander even in his death, be it the Trotskyite Scalice who clings to his anti-Stalinist narrative, to that of Sara Duterte telling god “to have mercy on his soul” or Badoy’s “rest in piss”; but this doesn’t stop the struggle that Cde. Sison once actively participated. 

Indeed, for as he entered eternity the struggle he took part and led never stops. There will be more beloved warriors armed with the light that guides the people amidst darkness, of poets with bladed poems fighting a battle against tyrants and despots alike over a homeland where mango trees bear fruit and orchids bloom.

Thursday, 15 December 2022

(Again) Right is the fund- but not this time, neither with them, nor under him

(Again) Right is the fund- but not this time,
 neither with them, nor under him

It is not surprising that the debate over the proposed “Sovereign Wealth Fund” by the Marcos administration continues. With all the editing and omissions over the act, this note is ought to say that people still strongly disagree if not treating the bill critically be it because of an unlikely situation, the sources of funds, or the people involved in its creation- and that includes the name of the fund itself, which absolutely sounds Marcosian.

And now as Marcos Jr. broke his silence last Sunday night and publicly expressed support for the proposed sovereign wealth fund, what more admitted that he was the one who first broached the idea of establishing that investment fund in front of reporters. As according to an Inquirer article made last December 13, the president justified the proposed fund by saying “It’s very clear that we need added investment. This is another way to get that…”

But despite the optimism that the fund will soon be realised and thus "help the administration achieve its Agenda for Prosperity," that the errors that embarrassed the idea will always be remembered by everyone. True, finance chief Diokno stated that the country should have had the Sovereign Wealth Fund a long time ago, but why is it being discussed now when previous administrations dismissed previous proposals for an SWF? Or was it simply because Bongbong Marcos and his ilk wanted a "legacy act" and make people believe they had recovered the economy from the pandemic-caused crisis?

Perhaps, what Emmanuel Esguerra, a former director-general of the National Economic and Development Authority, told Businessworld neatly captures the sentiments of those who signed the statement opposing the fund proposal, as according to an article by Filomeno S. Sta Ana III in that said paper. He stated: “People in Congress are debating if there are enough safeguards against mismanagement and corruption. Instead the proponents should be first made to make the case for a Sovereign Wealth Fund. There is none.”

In an Inquirer article last December 16, Camarines Sur 3rd District Rep. Gabriel Bordado Jr. did expressed that while the intention of an SWF is “very laudable,” it should be “done properly and [at] the right time,” pointing out that the country does not have surplus funds to invest in the fund. He likewise asserted that the national debt stands at P13.64 trillion while the national budget is now at a deficit.

Meanwhile, former legislator Neri Colmenares stated that the fund is a “monster that cannot be controlled by any of our regulatory restrictions,” as according to the report on CNN last December 5 : “The fund is opaque and therefore stealable kasi (because) it has really no sufficient safeguards at all,” Colmenares said, noting that the bill itself states that funds invested by government financial institutions (GFI) “shall be exempt from any regulatory restrictions” if invested solely to the fund. Accordingly, he explained, the Maharlika Wealth Fund will not be subject to regulatory laws like the Procurement Act, GOCC Governance Act, Civil Service Rules, Office of the Government Corporate Council review, or laws governing the sale of government property. Colmenares continued, Even if the fund's drafters claim that the Commission on Audit will examine it, their claim will be pointless because the policies cited as the foundation for the agency's work are not applicable to the Maharlika fund. He added that the fund's primary contributors, the general public, will not have access to it for inspection. 

There are more disapprovals to mention in this note for sure, but from these examples would say that yes, the idea may sound “good” at first (especially when a country really needed funds for developmental purposes) but with all the provisions written and the people involved does it mean it is for “the best” and therefore “acceptable by the people”? Nah! And now, with all the disapproval, is to hear from those drafters to “give the fund a chance”? No matter the act is declared “urgent” by the authorities and thus likely to be passed by administration-led legislators, expect debates and opposition for as people have had enough of a massive debt and corrupt bureaucrats suddenly talking about a wealth fund with few or no safeguards against mismanagement and corruption. 
And, because the fund remains a public fund even without SSS and GSIS, perhaps these bureaucrats, both senate and in house, should look at Malaysia's and Nauru's mistakes and mismanagement, not just Singapore's and Vietnam's successful experiences in handling their Sovereign Wealth Funds; otherwise, it is obvious that this pretentious plan, which has no sources of funds, is mocking the sovereigns who intended to benefit from it while stealing from their coffers. True, there is a need for additional investment, but the question is: who the hell needs a "fund" when it is not allowed to use someone else's money, has no surplus cash from the state, a massive debt, a slew of problems to address, and instead panhandles for someone to "invest"? 

Again, right is the idea of a sovereign wealth fund, but not this time nor with the people involved who cares about their interests than that of the folk.

Saturday, 10 December 2022

“A message for International Human Rights Day”

“A message for International Human Rights Day”

By Kat Ulrike


Despite the difficulties, defending human rights will always be a part of a country's fight for freedom and justice. Contrary to assertions that minimise the truth, people today must assert themselves because of the realities they face. Because public space is becoming more and more limited, the only option left is to engage in resistance. 

Due to the fact that as the rotten system in power spirals out of control, hunger and poverty are rising, which has been an affront to people's political, economic and social rights. Additionally, the scale of the order's blatant killing sprees, massacres, massive destruction, and grave crimes is growing increasingly unfathomable as ringleaders and its attack dogs, all in the name of interest trying to silence those who stand for the people and for the nation. 

And these trying times demand to renew commitment to human rights and social justice. For regardless of the attacks, the masses have never allowed themselves to be suppressed or defeated in their fight for democratic interests, regardless of the obstacles in their path, and must instead cling to the struggle as their only means of achieving genuine freedom and justice. 

Those from the order may still try to undermine, urging the people to "move on," which appears to be the prevalent attitude today, with injustices both past and present forced to take a back seat to the necessities of daily living/survival. 
But will the people simply accept "moving on"? People will always demand rights and justice because it protects their own life and dignity. They cannot simply ignore the looming crisis, which includes rising commodity prices, inflation, low wages, unemployment, landlessness, and rampant corruption no matter the order is trying to downplay, deny, or divert attention to what they perceive as their enemies especially those who sought truth from facts. And the fact that some people are imprisoned or killed for asserting cannot prevent the rest from becoming concerned and fighting back in any way they can.

Again, the contradictions and disparities between the interests of the ruling few and those of the oppressed become even more apparent. 

So is the zeal of the nation's struggle for its rights.

Friday, 9 December 2022

Truly, there’s a need to invest (but not at this time)

Truly there’s a need to invest (but not at this time)


Everyone appears to be debating on how will it go about funding the Marcos' Maharlika Wealth Fund, especially since most people do not trust the authorities with their contributions as sources of funds, if not seeing the fund, particularly those behind it, may use these for their own self-interest. As the country grapples with the consequences of the COVID-19 pandemic, the government is looking for ways to accelerate financial recovery and means to support existing "developmental programmes," the majority of which are carryovers from previous administrations. 

For in contrast to countries where Sovereign Wealth Funds (SWF) are backed by savings, natural resources, and excess cash, the proposed “Maharlika Wealth Fund” will be backed by government funds to invest in various domestic and international sectors. However, this nearly includes pensions from the Social Security System and the Government Service Insurance System, which were recently removed from the initial draught due to public outcry, but instead limiting to that of excess funds from the Central Bank as its main source. 

However, why the Central Bank? Being an independent entity to be interrupted again by the government’s wishes? The provision requiring the Central Bank to contribute 50% of its cash dividends to the government seems questionable, especially when it runs contrary to the charter that states dividends should remain under the Central Bank as an equity infusion to complete its capitalisation. The bill however, deprives the authority of quicker capitalisation regardless of being “surplus” and undermines its independence as the central monetary authority and systemic risk regulator. 

Furthermore, since the draft “promised national development”, the draft doesn’t even prioritise domestic investment, particularly that of industrialisation, agricultural modernisation, even rural empowerment but instead trying to pursue what is dictated by interest seekers pretending to be that of the folk. For sure one would remember how the coconut levy fund became a disaster as its pretentious stewards failed to uplift the lives and livelihoods of coconut farmers despite investing in stocks or in companies less to do with the development of the industry nor having the producer’s say in managing. 
And since this happen in a fund meant for the coconut industry, what more a fund meant for the development of the entire country? Not at all comforting, is it? Despite this, it is impossible to deny that the fund put forth by Marcos and his allies is a corrupt scheme, especially in light of the fact that it calls for the placement of hundreds of billions of pesos—possibly up to a trillion pesos—of public funds under the management of a small group of managers chosen by the administration, with the president serving as its chairperson. They are even willing to invest in risky industries like real estate and local and international financial ones amid recessions that are only getting worse. 

Thus, this would imply that it is worth investigating given the fund’s goals and potential sources of funding for investments. Senators, former state officials, and business organisations with a neoliberal bent have all of a sudden started churning out statements on topics ranging from the need for safeguards, stopping the government from using money from pension funds without consent from the pensioners, insisting transparency through popular oversight, to an outright scrapping of the act simply because of downsizing and government non-intervention in economic affairs. And these groups are objecting on valid and reasonable grounds, such as: the country is not yet ready; the country has no commodity-based surplus; the country is experiencing big trade deficit; facing a burgeoning foreign and domestic debts; inflation and high prices problem; the presence of the geopolitical conflict; the uncertainty in the global economic climate, etc. In sum the filing of the bill may not have been done in proper time. 
And truly to say that the upper house is concerned about the issue as Senator Ejercito is apprehensive to touch pension funds because of past experiences with those from the military, whose savings and loan association and benefits system did ventured into bad investments. Meanwhile, in countries like Vietnam, it uses its SWF with a strategic view of economic development beyond immediate returns and profit. Its State Capital and Investment Corporation (SCIC) is actively used to foster state-owned industrial enterprises even if there might be greater short-term returns from other investments. The question is, since those behind the proposed SWF is so stubborn on their idea, how come there’s no state owned enterprise to seriously support with (other than those “Government Owned and Controlled Corporations”) Obviously most end privatised with the National Grid Corporation end under the hands of the Chinese! 

Again, the fund would function better if the nation has enough surpluses in its trade or in commodities. The nation's natural resource wealth is sufficient to allow for the use of investment proceeds. And while it is true that the government would actively participate and intervene in the economy as a result of this proposal, it also requires responsible individuals whose loyalty to the public comes before personal interests (like Vietnam as stated above). This requires adherence to laws and regulations governing good governance as well as an understanding that working for the government entails sacrificing one's privacy and coming under public scrutiny. But the country must immediately deal with some fundamental problems. If the government truly has excess financial and foreign exchange resources, these would be much better used for more urgent aid, wage subsidies, support for small businesses, building and improving public schools, and hospitals. Compared to an investment fund that is explicitly seeking profits and returns, these will provide more immediate and tangible social benefits. 

Otherwise, right is Ibon foundation that: “If the government really is so serious to raise revenues, a billionaire wealth tax or windfall real estate land value tax on just the few thousand richest Filipinos and few hundred largest firms are much more logical alternatives. Not to mention the hundreds of billions in unpaid estate taxes and the many hundreds of billions more in ill-gotten wealth that the president’s family can voluntarily contribute to the state’s revenues.”

Tuesday, 6 December 2022

“Using pension funds, remittances, yet no surplus cash: Is it really the right time for a Sovereign Wealth Fund?”

“Using pension funds, remittances, yet no surplus cash: 
Is it really the right time for a Sovereign Wealth Fund?”

Notes on the proposed sovereign wealth fund and why people critically sees it 


Other countries established "Sovereign Wealth Funds" (SWF) because they had excess earnings from oil production, such as Norway, Saudi Arabia, Qatar, UAE, and Indonesia; excess mining resource revenues, such as Australia, Brazil, and South Africa; and excess export revenues, such as China and Singapore. All of the above, however, are lacking in the Philippines. There are no surplus funds available for investment, and since 2017, the nation has only experienced record deficits. A sovereign wealth fund can be established by a government with extra funds and resources. Simply put, these funds can act as a state's investment and revenue-raising tool while also luring firm investments. 

However, there had been attempts in the past to establish a state-backed wealth fund in the Philippines. Former Sen. Paolo Benigno “Bam” Aquino filed Senate Bill 1212 that sought to form a sovereign wealth fund in October 2016. According to SB 1212, it stated that the Authorized Capitalization of the proposed “Philippine Investment Fund Corporation” shall be appropriated in the annual General Appropriations Act ("GAA") or in such manner as the Government, through the National Treasurer and the Secretary of Budget and Management, may determine. Over a year later, Sen. Joseph Victor “JV” Ejercito filed similar legislation in March 2018. The latter was supported by former Finance secretary Carlos Dominguez III who had recommended pooling funds from the Social Security System (SSS) and the Government Service Insurance System (GSIS). 

On the other hand, HB 6398 known as the “Maharlika Wealth Fund” or “Maharlika Investment Fund” (MlF) proposed by House Speaker Ferdinand Martin Romualdez and Congressman Ferdinand Alexander Marcos will get its initial P250 billion from the SSS and GSIS pension funds, plus P100 billion from the Development Bank of the Philippines, LandBank, and National Treasury, all of which rely on loans to survive, just like a third of the National Annual Budget. There are no surplus or excess funds that actually meant to support that Sovereign Wealth Fund, what more the state will even borrow 1.7 trillion pesos to complete the 2023 annual budget. And if the fund is to draw from the annual General Appropriations Act or supplemental appropriations according to the provisions of HB 6398, this can possibly reduce available funds for vital social services such as healthcare, housing, or even education. 

To be honest this issue is first good to talk about it but likely to be implemented in the wrong time and situation. While experts admitted that having an SWF is a necessity for a growing economy like the Philippines, its creation requires proper timing, especially in view of the challenges the country is facing. Even Senator Imee Marcos disagreed with the proposal, citing recession and debt issues.
“With all due respect to our bankers and economists who have recommended the measure, I think creating a sovereign fund at this time of gargantuan debt and an impending world recession seems heedless and extremely risky,” Imee said in a statement. 
In that case, will loyalists agree on her statement, that is, against her cousin, her nephew, and even her brother who’s the president himself? Some would cling to that idea as if the Philippines is capable of doing it “today” but, given the situation where there’s a need to pay debts from moneylenders to that of addressing corruption in the bureaucracy, nor having no sound policy on who’s managing resources to serve as sources of funds, why on earth the need for a fund? 

To make matters worse, beneficiaries of the fund are not informed of how their savings will be invested because GSIS and SSS funds are being used. These pensions, for which the government acts as trustee, were funded by those who paid the premiums, and HB 6398 would reduce benefits for both employees and retirees. People must understand and accept the SWF risk level without a doubt, especially since their hard-earned savings are on the line. People's appetites for risk and reward vary. Hard-earned savings are at risk because of this. 
And given that the proposal was made during the Marcos regime and that the sources of funding include pension contributions and OFW remittances, expect trust issues on those who will administer the said fund. The question is: How do people prevent another corruption scandal? Will the general public scrutinise this? There’s no clear and solid provision for sufficient worker/employee representation in the fund's governing body, a mechanism to directly distribute profits to the people (especially SSS and GSIS members), a provision to prioritise investments in the creation of "green" jobs (especially in the renewable energy sector), agricultural modernization, rural empowerment, and industrialization, as well as a lack of a provision to prioritise investments in these areas the could potentially limit any real national benefits from the fund's operations. 

Once more, the concept is intriguing, but given the current circumstances, it is pretentious. This could develop into a source of corruption like that of Malaysia or be mismanaged like what occurred in phosphate-rich Nauru, especially given the lack of transparency surrounding the management of the aforementioned fund and taking the reputation of the proponents into account. Singapore's Temasek, the best regional example of a sovereign wealth fund that functions reasonably well, has not been exempt from criticism for a lack of transparency and investments in projects that benefit well-connected interests more than they do the general public. The lack of a sound source to support the fund (other than OFW remittances or Pensions from both government and private sectors as what the proposed law said) also shows that the proposed SWF is a redundant entity since there’s the SSS and GSIS for its role (since its pension funds did also used in investing such as San Miguel). 

On the other hand, this note would agree to that proposition if there should be a sound source of funds, that is, rather than depending on someone else’s savings and remittances. The funds in a country's SWF can come from numerous sources, including surplus from foreign reserves, revenue from exported natural resources, budgeting surpluses, and bank reserves. The country can have the capacity to have those to generate such funds, but given the situation such as those stated earlier would again say that the country has to address first the basic problem then let the people themselves decide in this kind of proposition.

Thursday, 1 December 2022

“A requiem for Ericson Acosta”

“A requiem for Ericson Acosta”


He may be gone, 
But his works live forever 
The order just killed a messenger 
But the message will soon create another 
The order and its attack dogs 
For now trying to block the way 
But sooner or even later 
More to follow the once fallen as they seize the day

Expect the lies to hurl on him 
Like the recent news played today 
But truth stands with the people 
Diminishing what the order say 
For he stood at the folk’s side 
Who inspired him to write 
Earning praises over scorn 
As his works brought tide against the norm 

If not listening to their pleas
And assert the need for a just peace
Like the poems he wrote and sung
Peace, hope, and freedom rung
Is just peace be disregarded
By interests whose hands tainted
In the name of order as they said
Should it require being bled?

And now with he arrested, then beaten
And be reinterpreted as from an encounter fallen 
This reminds of the past statements
Calling subversives those who express true sentiments 
By so-called state agencies, with old and new personages
Expressing the same hysterical messages
Calling a concerned folk as criminals, rebels, terrorists
When is being thoughtful about one’s country crime at least?

Thus no wonder why there are those who chose resistance
Neither “law” nor “heaven” will stand against their way
If that is the means to assert just peace
A land to till, a just wage to pay
No matter how many arrested, killed, or disappeared 
More will stand fight back to clear the way
Through every piece, every work, every action
The message sums it all: seize the day!

Again be it poem, essay, play, or song 
The message he made lasts forever long 
Despite the heckle, libel, or threat 
The message is for the masses whom he truly belongs 
Every written piece becomes bullets 
As hearts and minds ablaze 
Willing to jump into the endless abyss 
Willing to die as they clamour for change