Tag: infrastructure

New SBMA chief Aliño eyes more hotels and infrastructure projects to make Subic Bay freeport more attractive to investors

New SBMA chief Aliño eyes more hotels and infrastructure projects to make Subic Bay freeport more attractive to investors

carlocarrasco

Recently a local businessman who has extensive experience of doing business inside the Subic Bay Freeport Zone took office as the new head of the Subic Bay Metropolitan Authority (SBMA) and made clear his plan to make the zone more attractive to investors, according to a Philippine News Agency (PNA) news article. His predecessor served for last than one year.

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

Businessman Eduardo Aliño officially assumed post on Monday as chairman and administrator of the Subic Bay Metropolitan Authority (SBMA).

During his first press conference as SBMA head, Aliño noted the vast potential of Subic which should be given priority for development.

“We have so many potentials here in Subic and we may be putting more hotels, more infra projects to attract more investors,” he said, adding that together with his management team, they will study everything to determine what is lacking.

Citing his experience as a locator himself, he also expressed his desire to give investors who are experiencing difficulties in paying their financial obligations to SBMA, a chance or consideration to recover.

He said these businessmen had invested so much money and it would be so painful to lose the business they dreamed of in Subic, so giving them a chance to recover would be like giving them a new lease on life.

Earlier on Monday, Aliño attended the flag ceremony in front of the SBMA Administration Office with his family, and was welcomed by senior officers, members of the board, and employees of the agency.

In his message, he revealed having some apprehensions when President Ferdinand R. Marcos Jr. offered him the position.

He said he consulted his family and thought about it for a while before saying “yes” to the President.

“How can I say no to your President?” he said. “Because if you always refuse to help our leaders, who else would? So, I said yes.”

Aliño said his acceptance of the post was also driven by his desire to repay for all the help that SBMA people had given him and his business over the past 20 years.

“It is because of you, other than us, that made our terminal into what it is right now. Hindi po namin magagawa ang lahat ng ito kung wala ang tulong ninyo (We won’t be able to accomplish all of these without your help)”, he said.

Aliño is the former president and chairman of the S.T.A.R. Group of Companies and former chairman of the Subic Bay Yacht Club. The S.T.A.R. Group of Companies is engaged in integrated supply chain services and port operations.

He is also the former president and chairman of the Subic Bay Freeport Grain Terminal Services Inc. and Mega Equipment International Corp. which is now being managed by one of his sons.

Addressing the employees of SBMA, the new administrator and chairman assured fairness and honesty in serving the people, while asking for their support.

“I promise you that I will be fair. I promise you to be honest,” he said, adding that he has no agenda other than to help and to serve SBMA as a gesture of love for the country, God and the President.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the new SBMA head Aliño and his team will succeed in revitalizing business in the Subic Bay Freeport over the next six months?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

Fines and penalties for Maynilad over pipe repair project that caused damage on the National Road in Muntinlupa

Fines and penalties for Maynilad over pipe repair project that caused damage on the National Road in Muntinlupa

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Recently in the progressive City of Muntinlupa, it was announced that water concessionaire Maynilad will be slapped with fines and penalties for their pipe repair project that caused damage on the National Road in the barangay of Tunasan, according to a Manila Bulletin news report.

To put things in perspective, posted below is an excerpt from the Manila Bulletin report. Some parts in boldface…

The Muntinlupa City government will impose fines and penalties on Maynilad Water Services over a pipe repair project that damaged the National Road in Barangay Tunasan.

Muntinlupa Mayor Ruffy Biazon summoned representatives of Maynilad over their pipe repair project that has caused severe traffic.

Biazon said on Nov. 21, a pipe valve of Maynilad along the National Road in Barangay Tunasan got disconnected that led to water spilling out and causing cracks on the road. The crack got so  big that one lane of the road had to be closed to traffic.  This resulted in heavy traffic in the area. The City Engineering Office and Maynilad immediately responded to the incident.

Maynilad is repairing the pipe and road damage. The crack will be cemented to restore it that will allow the national road to be fully opened again to motorists.

According to Maynilad, Biazon said, the restoration will be finished by Nov. 25 and the national road will be fully opened again. But the City Engineering Office recommended additional days to totally cure the cement.

Let me end this piece by asking you readers: What do you think about this recent development? If you are a resident of Muntinlupa, were you stuck in heavy traffic along the National Road due to the reported damage? Do you think Maynilad has a lot to answer for in this case?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram at https://www.instagram.com/authorcarlocarrasco

For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

Parañaque City finishes as the 24th Most Competitive Highly Urbanized City, dead last on Government Efficiency and Innovation (CMCI 2023)

Parañaque City finishes as the 24th Most Competitive Highly Urbanized City, dead last on Government Efficiency and Innovation (CMCI 2023)

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The official results of the Cities and Municipalities Competitive Index (CMCI) for 2023 have been published and it shows Parañaque City did worse this time finishing as 24th Most Competitive Highly Urbanized City (HUC) of the nation and this includes finishing dead last (33rd place) among the HUCs in the categories of Innovation and Government Efficiency.

To put things in perspective, the HUCs (which covers very dense cities in the National Capital Region and the provinces) are determined by means of Competitiveness (the main category) as well as other related categories such as Economic Dynamism, Government Efficiency, Infrastructure, Resiliency and Innovation.

The 2023 CMCI showed that Parañaque City scored 36.301 for 24th place in Competitiveness (versus 19th place in 2022). The city’s highlight is finishing 11th place on Economic Dynamism with a score of 5.3264, 16th place on Infrastructure with 5.2753, and 26th place on Resiliency with 11.4956.

What is most notable is that Parañaque finished dead last among the 33 HUCs on the categories of Government Efficiency and Innovation with scores of 8.2859 and 5.9169 respectively.

How and why did Parañaque end up as the worst HUC on Government Efficiency and Innovation needs to be explained in detail by the local officials. I know for a fact that Parañaque has been a hot spot for crime but that alone does not explain the CMCI’s 2023 findings. I can only wonder how efficient the City Government of Parañaque has been over the past 24 months as well since the day Mayor Eric Olivarez took office.  

Let me end this piece by asking you readers: What do you think about this recent development? If you are a resident of Parañaque and had been doing transactions with the City Government, did you notice anything wrong? Has the City Government been performing sluggishly in recent times? Did transparency at the City Government weaken? What do you think should the City Government do with regards to innovation in relation to public service?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram at https://www.instagram.com/authorcarlocarrasco

For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

Muntinlupa City declared 5th Most Competitive Highly Urbanized City of the nation (CMCI 2023)

Muntinlupa City declared 5th Most Competitive Highly Urbanized City of the nation (CMCI 2023)

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The City of Muntinlupa has officially been declared as the 5th Most Competitive Highly Urbanized City of the nation based on the 2023 Cities and Municipalities Competitiveness Index (CMCI) results which also showed strong finishes by the said city on other categories, according to a Manila Bulletin news report.

To put things in perspective, posted below is an excerpt from the Manila Bulletin news report. Some parts in boldface…

Muntinlupa City was named the No. 5 overall most competitive highly urbanized city in the Philippines and landed in the top three in resiliency and infrastructure.

Mayor Ruffy Biazon received the awards at the Philippine Creative Cities and Municipalities Competitiveness Congress held on Sept. 28 at the Manila Hotel.

Local government units were ranked based on the Cities and Municipalities Competitiveness Index by the National Competitiveness Council.

“Cities and municipalities are ranked on their competitiveness based on an overall competitiveness score. The overall competitiveness score is the sum of scores on five main pillars which pool data from several sub-indicators. The five main pillars are: economic dynamism, government efficiency, infrastructure, resiliency, and innovation. Scores are determined by the values of the actual data, as well as the completeness of the submitted data. The higher the score of a city or municipality, the more competitive it is,” according to the CMCI website.

Overall, Muntinlupa ranked fifth under the most competitive highly urbanized cities category in the country with a score of 49.59.

It is also No. 3 in the resilience and infrastructure pillars, and No. 6 in the innovation pillar.

“Infrastructure pertains to the physical assets that connect, expand, and sustain a locality and its surroundings to enable provision of goods and services,” according to CMCI.

Resilience, on the other hand, “applies to the capacity of a locality to build systems that can absorb change and disturbance and being able to adapt to such changes.

For a closer look at the CMCI results, click https://cmci.dti.gov.ph/rankings-data.php?unit=Highly%20Urbanized%20Cities

Let me end this piece by asking you readers: What is your reaction to this recent development? If you are a resident of Muntinlupa City, what is your reaction to what the city achieved in the latest CMCI rankings? Do you believe that Muntinlupa is a blossoming and highly competitive city among all highly urbanized cities of the nation?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram at https://www.instagram.com/authorcarlocarrasco

For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

Muntinlupa City Councilor wants solution related to ongoing Skyway project in Alabang

Muntinlupa City Councilor wants solution related to ongoing Skyway project in Alabang

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Recently in the progressive City of Muntinlupa, a member of the City Council wants a solution to the potential traffic problem that could happen in connection to the Skyway’s off-ramp project in Alabang, according to a Manila Bulletin news report. Previously a local committee wanted to halt the said project.

To put things in perspective, posted below is an excerpt from the Manila Bulletin news report. Some parts in boldface…

A Muntinlupa councilor wants to open a village road in Alabang as a solution to the impending traffic problem that will be created by the Skyway off-ramp widening project on the West Service Road.

Councilor Francis Ian Bagatsing, chairperson of the City Council’s Committee on Engineering, Public Works and Infrastructure, had earlier recommended to stop the Skyway off-ram widening project due to lack of permits.

Skyway complied with the requirements and was given a permit by the Office of the City Building Official.

Bagatsing, in the committee report, said the Skyway project will narrow a portion of the West Service Road and will cause heavy traffic.

The committee said the “narrowing of the West Service Road south bound towards Filinvest Northgate is due to the additional exit tollbooth being constructed by the Skyway management.”

It said the portion of the West Service Road affected by the project will lose about 1.2 to 2 meters of “carriage way because of the said expansion.”

“Residents, establishments, and some stakeholders along West service road are not amenable to the said Skyway exit tollbooth expansion since this will result to a ‘funneling’ and traffic jam,” according to the report.

The City Council’s Committee on Land Use and Zoning held a hearing on Sept. 11 with Filinvest and recommended to having a portion reclaimed at the easement of the company’s fire station and water treatment facility.

Bagatsing said he is proposing to open Rizal Village in Alabang from the West Service Road leading to the main road in the Northgate portion of Filinvest as an alternate route for motorists.

He said the opening of the village road will be done through an ordinance.

Let me end this piece by asking you readers: What is your reaction to this recent development? If you are a Muntinlupa resident, do you think the Skyway off-ramp project will cause more traffic problems than improvements on the flow of traffic?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram at https://www.instagram.com/authorcarlocarrasco

For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

Muntinlupa City Council committee wants to halt Skyway off-ramp project in Alabang

Muntinlupa City Council committee wants to halt Skyway off-ramp project in Alabang

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Recently in the progressive City of Muntinlupa, a committee under the Muntinlupa City Council wants to halt the construction of Skyway’s off-ramp project in Alabang citing a lack of permits and other factors, according to a Manila Bulletin news report.

To put things in perspective, posted below is an excerpt from the Manila Bulletin news report. Some parts in boldface…

A Muntinlupa City Council committee wants the Skyway management to stop its construction of an off-ramp widening project in the city due to lack of permits.

The project will result in narrowing of a portion of the West Service Road that will affect traffic flow.

The Committee on Engineering, Public Works and Infrastructure headed by Councilor Francis Ian Bagatsing submitted its recommendation to the City Council after conducting a public hearing on the “inquiry on the widening of Skyway resulting to narrowing of West Service Road.”

The project involves that ongoing widening of the Skyway off-ramp at Filinvest in Alabang towards the Alabang-Zapote Road that will narrow the existing West Service Road in the area.

In its report, the committee said the “narrowing of West Service Road southbound towards Filinvest Northgate is due to the additional exit tollbooth being constructed by the Skyway management.”

It said the portion of the West Service Road affected by the project will lose about 1.2 to 2 meters of “carriage way because of said expansion.”

“Residents, establishments and some stakeholders along West service road are not amenable to the said Skyway exit tollbooth expansion since this will result to a ‘funneling’ and will only result to traffic jam,” according to the report.

The City Engineering Office and Office of the City Building Office said the Skyway widening project did not apply for a permit, the committee added.

The committee recommended that “since the said construction project at the time of the hearing does not have any permits from the city, the Chair/Committee recommended for its stoppage.”

Let me end this piece by asking you readers: What is your reaction to this recent development? If you are a Muntinlupa resident, have you seen the off-ramp project of Skyway in Alabang recently?  

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram at https://www.instagram.com/authorcarlocarrasco

For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

CAVITEX C5 Link Segment will reduce travel time by 10 minutes (Coastal Road to Sucat)

CAVITEX C5 Link Segment will reduce travel time by 10 minutes (Coastal Road to Sucat)

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If you constantly travel between Cavite province and Parañaque City, then you will eventually benefit from improvements as the Manila-Cavite Expressway (CAVITEX) announced that the travel time between Sucat (Parañaque) and Coastal Road will be reduced by 10 minutes upon the expected 2024 (first quarter) completion of the CAVITEX C5 Link Segment, according to a Manila Bulletin news report.

To put things in perspective, posted below is an excerpt from the Manila Bulletin news report. Some parts in boldface…

The Manila-Cavite Expressway (Cavitex) announced that travel time going to Sucat, Parañaque from Coastal Road will be cut by 10 minutes once the Cavitex C5 Link Segment 2 is completed by the first quarter of 2024.

According to Cavitex Infrastructure Corporation (CIC) President and General Manager Raul Ignacio, the cut of 10 minutes travel time in going to Sucat, Parañaque from Coastal Road and vice versa will make travel more efficient and seamless for motorist and daily commuters.

Ignacio said that in preparation for the completion of the Cavitex C5 Link Segment 2 R1 Interchange, counter flow schemes will be implemented at the Parañaque Toll Plaza from September 14 to 25 from 10:00 p.m. to 4:00 a.m.

He said the scheme will be in effect from September 15-19 for Manila-bound traffic and September 19-25 for Cavite-bound traffic. To alleviate congestion,  the CIC said it will also activate counter flow lanes as needed.  

Ignacio also said the R-1 Interchange is a vital 1.9-kilometer segment (Segment 2) of the Cavitex C5 Link project, a 7.7-kilometer, 2×3 lane expressway set to connect Cavitex R1 to C5 Road in Taguig.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you often travel along the CAVITEX?  

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

MCX acquired by Villar-led company for P3.8 billion

MCX acquired by Villar-led company for P3.8 billion

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Have you been driving lately along the Muntinlupa-Cavite Expressway (MCX)? In case you missed the news, the MCX has officially been acquired by a company led by the influential Villar group for almost P4 billion, according to a Manila Standard news report.

To put things in perspective, posted below is an excerpt from the Manila Standard news article. Some parts in boldface…

Prime Asset Ventures Inc., a company led by the Villar Group, on Wednesday finalized the acquisition of the four-kilometer Muntinlupa-Cavite Expressway from Ayala Corp. for P3.8 billion.

PAVI said in a statement it signed the implementing agreements for the acquisition of MCX after the Department of Public Works and Highways in July approved the transfer of ownership of from Ayala Corp. to the Villar Group.

Vista Land chairman Manuel Villar Jr. and Ayala Corp. president and chief executive Cezar Consing attended the signing ceremony at Brittany Hotel in Bonifacio Global City, Taguig.

“This momentous event shows our resolve to provide our countrymen better services in the area of roads and toll ways. You’ll be surprised of the many wonderful things to come in Villar City,” Villar said.

MCX is a four-kilometer controlled-access toll road linking the southern part of Cavite to Muntinlupa. It is the first public-private partner project under the Aquino administration.

Ayala signed the 30-year concession agreement for the operation of MCX Expressway in 2012. It invested P2.2 billion for the project including a P902-million cash payment to the government.

Ayala announced in March 2022 it would sell its entire stake in MCX Project Company Inc., which holds the concession for the MCX to the Villar Group for P3.8 billion.

“Ayala developed MCX over a decade ago to connect Metro Manila to Imus, Dasmarinas and Bacoor in Cavite which were experiencing rapid growth. MCX succeeded in relieving traffic congestion and reducing the travel time between Metro Manila and Cavite. The sale of MCX represents another example of our recycling capital to benefit from opportunities in our core and emerging businesses,” Consing said.

The acquisition will further expand Villar Group investment portfolio which currently includes housing, retail, food, water, power, and utilities, to integrated resorts and entertainment.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think there will be major changes regarding the MCX under the new owners? Do you constantly travel along the MCX?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram at https://www.instagram.com/authorcarlocarrasco

For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

High-priority infrastructure projects to be financed by Maharlika Investment Fund

High-priority infrastructure projects to be financed by Maharlika Investment Fund

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Just days after signing into law the Maharlika Investment Fund (MIF), President Ferdinand “Bongbong” Marcos, Jr., stressed during his 2nd State of the Nation Address (SONA) that the new law will finance the high-priority infrastructure projects of the Philippines, according to a Philippine News Agency (PNA) news article.

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

President Ferdinand R. Marcos Jr. on Monday said the newly established Maharlika Investment Fund (MIF) would be used to fund high-priority projects.

“For strategic financing, some of the nation’s high-priority projects can now look to the newly established Maharlika Investment Fund, without the added debt burden,” Marcos said in his second State of the Nation Address (SONA).

The MIF is the Philippines’ first-ever sovereign wealth fund designed to catalyze economic development by mobilizing government financial assets.

“In pooling a small fraction of the considerable but underutilized government funds, the Maharlika Fund shall be used to make high-impact and profitable investments, such as the ‘Build Better More’ program,” Marcos said.

He said the gains from the Fund shall be reinvested into the country’s economic well-being.

To ensure sound financial management, Marcos assured that a group of internationally recognized economic managers shall oversee the operations of the Fund, guided by principles of transparency and accountability.

“This guarantees that investment decisions will be based on financial considerations alone, absent any political influence,” Marcos said.

“The funds for the social security and public health insurance of our people shall remain intact and separate.”

The Department of Finance (DOF) earlier said the Fund can look into big-ticket infrastructure such as in green and blue projects, countryside development, and other employment-generating projects.

For the newcomers reading this, if you want to understand what a sovereign wealth fund is and how it would work with the Philippines in mind, watch the video below…

Let me end this piece by asking you readers: What is your reaction to this recent development? Were you able to watch President Marcos’ 2nd SONA?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

President Marcos signs Maharlika Investment Fund bill into law

President Marcos signs Maharlika Investment Fund bill into law

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A new economic age for the Philippines has started as President Ferdinand “Bongbong” Marcos, Jr., signed into law the Maharlika Investment Fund (MIF) bill which formally establishes the nation’s sovereign wealth fund, according to a Philippine News Agency (PNA) report.

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

President Ferdinand R. Marcos Jr. on Tuesday signed into law a bill establishing the Maharlika Investment Fund (MIF), the Philippines’ first-ever sovereign wealth fund.

Marcos signed Republic Act (RA) 11954 in a ceremony at the Kalayaan Hall of Malacañan Palace in Manila.

In a keynote speech, Marcos said the MIF is designed to drive economic development in the country.

“The MIF is a bold step towards our country’s meaningful economic transformation. Just as we are recovering from the adverse effects of the pandemic, we are now ready to enter a new age of sustainable progress, robust stability and broad-based empowerment,” Marcos said.

“We now have an available fund that will provide us the seed money for investments and to attract other foreign investments and for us to be able to participate in those operations, in those investments without additional borrowings,” he added.

Following the signing of RA 11954, Marcos said his administration would “go out to the world and do the changes that are necessary for the Philippines to become an investment-friendly nation.”

“The fund will fail if we do not make money on the fund. It’s that simple… That is why we put up a Maharlika Fund so as to be able to give us the capacity and the ability to join in those investments, be part of that,” he said.

He reiterated that he would make sure that the MIF would be “well-run” by professionals.

He added that the country has the “best” economic managers both in government and the private sector to ensure the proper management of the MIF.

“Let us make sure that the decisions that are being made for the fund are not political decisions, that they are financial decisions because that is what the fund is,” Marcos said.

The MIF is established to optimize national funds by generating returns to support the Marcos administration’s economic goals laid out in the Medium-Term Fiscal Framework, the 8-point Socioeconomic Agenda, and the Philippine Development Plan 2023-2028.

In a separate statement, Budget Secretary Amenah Pangandaman said the Department of Budget and Management (DBM) will continue to provide support and technical assistance in the formulation of the implementing rules and regulations of RA 11954.

“The creation of this development fund is very good news because this means we now have an opportunity to expand our fiscal space for the government’s priority programs,” Pangandaman said. “Of course, we fully support this as it will help expand our fiscal space. So we at the DBM remain committed to helping ensure that this development fund will be a success and implemented with utmost integrity.”

Under RA 11954 , the MIF will be used to invest in a wide range of assets, including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, joint ventures, mergers and acquisitions, real estate and high-impact infrastructure projects that contribute to the attainment of sustainable development.

The establishment of the MIF will provide the government with a long-term source of income, as well as ease the burden on the national budget by providing additional funding for other priority projects of the government.

Unlike other government-owned or -controlled corporations (GOCCs), the MIF will be able to maximize government assets through its investments in projects that generate bigger returns.

The proposed measure seeks the establishment of the Maharlika Investment Corp. (MIC), which will act as the “sole vehicle for the purpose of mobilizing and utilizing the MIF for investments in transactions in order to generate optimal returns on investments (ROIs).”

The MIC is expected to have at least PHP75 billion in paid-up capital this year, with PHP50 billion sourced from the Land Bank of the Philippines and PHP25 billion from the Development Bank of the Philippines.

The law prohibits government agencies and GOCCs that provide for social security and public health insurance to contribute to and invest in the Fund.

These include the Social Security System, Government Service Insurance System, Philippine Health Insurance Corporation, Home Development Mutual Fund, Overseas Workers Welfare Administration, and Philippine Veterans Affairs Office pension fund.

For the newcomers reading this, if you want to understand what a sovereign wealth fund is and how it would work with the Philippines in mind, watch the video below…

Let me end this piece by asking you readers: What is your reaction to this recent development? What do you think about the Maharlika Investment Fund that is now officially a law? Do you expect financial or economic breakthroughs to happen for the Philippines soon?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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