YouTube video by INQUIRER.net Dominguez rebuts Marcos on Masagana 99 feat: ‘I cleaned up the mess’
Masagana 99’s Success Differs in Sectors
Finance Secretary Carlos “Sonny” Dominguez III and Senator Imee Marcos had a brief disagreement on the “success” of Masagana 99 as they try to revive the economy. It is where the former disputes the claims of the late president Marcos’scion. This is about her father’s agricultural program.
Bankruptcy in the Banking Sector
Finance Secretary Carlos Dominguez III corrects the claims of Senator Imee Marcos. She said that Masagana 99 is an “effective use” of banks. Masagana 99 is an agricultural rice production program by the former president Ferdinand Marcos. Its goal is to finance the farmers. When they cannot pay up, it becomes a burden on rural banks. In turn, it affects the country’s overall financial health. The foreign loans are part of the debt left by the Marcos regime. However, his infrastructure projects are still useful nowadays. It also turns out that the older Marcos has set up a financial credit facility. The aim is to take care of such needs in times of crisis. This is why the Philippines can take out loans from the World Bank and the IMF in good standing during the pandemic.
Success in Exportation
“During the crop year 1975–76, the Philippines attains self-sufficiency in rice production, Senator Marcos said. The country establishes a 90-day buffer stock for food security purposes.“In 1977–1978, the country produces a surplus which enables it to export 89,000 metric tons to neighbors in Asia,” she added. The Senator clarifies that the data is from official records which Dominguez denies.
In reality, both Marcos and Dominguez clearly belong to different factions. The lady Senator focuses on the welfare of the Filipino masses. She urges the government to grant a greater stake to assist the livelihood of the poor regardless of how it would affect the country’s finances. Whereas, Dominguez’s scrutiny clearly shows that he is more into the financial standing as his duty pertains. It looks like they’re both exercising their responsibilities.
YouTube video by Bongbong Marcos Bangon Balikbayan | Bongbong Marcos
Changing the Economic System
The people’s lifestyle will not go back anymore the way it was before the Coronavirus pandemic. Most big industries are gone. It will take time to rebuild them due to significant losses. The economic system must change. The government should spearhead in providing jobs for the workforce. Take the case of the construction industry. Building condominiums and other establishments come to a halt. The Build Build Build project of the Duterte administration can now hire the workers who are out of work. That could start up the economy.
Lessons Learned from the Pandemic
Many sectors are gone and if they have to start again, they need to build them up better than before. Working together as one country is the only way to do it. Each project must be good for all and not just for specific investors. Going back to the province is a good move. This would allow agriculture and fisheries to foster. However, the government must support these start-ups from the very beginning to create a better foundation.
Today’s needs are somewhat different than before. It is because of the digital lifestyle that we have to embrace. Those who cannot adapt to the changes would remain poor. Therefore, now is the right time to learn new skills to start doing innovative ways in various businesses.
YouTube video by Imee Marcos Senator Imee Marcos is the guest at PTV-4’s Laging Handa Public Briefing on May 12
Realign Projects to Suit Current Needs
Senator Imee Marcos urges the government to help workers in the tourism sector. They are severely-hit by the pandemic. The Senator also said that governors should participate in the Balik Probinsya Council. On top of that, she calls people’s attention to properly dispose of PPEs, face masks, and other infectious wastes. This is to prevent community contamination.
Going Out of China
There is now a massive withdrawal of companies from China. They transfer to other countries like China, Vietnam, and Malaysia. If the government offers foreign investors a better deal, the Philippines could also get a piece of the pie. New economic opportunities can result from Chinese exodus for the country, Marcos said.
Sanitation, Subsidy, and Local Businesses
Marcos reminds health practitioners and the general public on the proper disposal of devices. These are for the PPEs, masks, gloves, and test kits during the Coronavirus outbreak. They can be sources of infections as well.
She pushes once again for government subsidies to help the tourism sectors, hospitality industries and other services. They better channel their resources towards the new commercial undertakings. That should be suitable for the current situation. Going local is a way to go but the governors must be proactive in doing so.
YouTube video by Imee Marcos Senator Imee Marcos spoke with Senate reporter Nimfa Ravelo on “Bantay Balita sa Senado”
Mysteries on Donations and POGOS
Senator Imee Marcos spoke with Senate reporter Nimfa Ravelo on the latter’s radio program “Bantay Balita sa Senado” over Super Radyo DZBB simulcast on GMA News TV yesterday, May 3. Marcos clarifies the shortage of cash donations and the existence of POGOS. The President may be right because the Chinese gambling operators can help the economy in a way but if they do not pay proper taxes, and give too many headaches to the country then, their existence does not justify their existence. China is not even happy about its activities in the Philippines. To legalize POGOS is not a good move, she said. Marcos also questions the testing kits sold at airports.
Economic Strategy of the Senate on Cash Shortage
The Social Amelioration Program anomalies have something to do with the incomplete lists. It must include all people in the informal sector as per the law. However, the available lists of government agencies like the DSWD are not effective because theirs are limited only to 4Ps benefactors. The 18 million-plus 5 million target recipients should not require impossible requirements due to its informal nature. The funds are still sufficient to assist this sector in the next 2 months. Beyond that, loans are options. Senator Marcos stresses that the SMEs must be under subsidy for at least two months to keep them afloat. This would allow job retention for many Filipinos after the pandemic.
Self-Sufficiency for Economic Supplies
The reports on the number of testing kits donations are at hundreds of thousands but in reality, they do not reach the regional centers. Surprisingly, there are testing kits being sold at the airport. They can only come from donations, Marcos suspected. It is surely not good to change the DOH leadership in the middle of the crisis. However, the department’s head, Francisco Duque does not have all the necessary factors in control to fight the crisis. The senate cannot explain his mishaps anymore thus prompting them to ask for his resignation. On the other hand, the senator urges the government to take advantage of the exodus of investors from China. Other countries like Thailand and Vietnam already got their share of the transfers. The Philippines has yet to make its corporate offers attractive. The Citira bill aims to gradually cut corporate income taxes starting in 2021. This would eventually bring down the current 30% to 20% by 2029. The crisis teaches the world not to rely on China alone when it comes to affordable supplies.
YouTube video by Imee Marcos Senator Imee Marcos explained her proposal for a debt moratorium on Agila Balita
Debt Moratorium can Help SMEs
Senator Imee Marcos explained her proposal for a debt moratorium, saying the request for payment relief from international creditors will only be for a period of one year.
During the interview with anchor Weng de la Fuente of Agila Balita over Net 25, Sen Marcos was also asked about her economic recovery plan and suggested, among others, that the government can help hardest-hit MSMEs by subsidizing up to 75% of their payroll costs.
Begging for the Kind Heart of the Finance Secretary
Senator Marcos is still hopefull that Finance Secretary Carlos Dominquez would consider her debt moratorium proposal. This is just to delay debt payments for a year. That amount could help in making SMEs afloat during the times of crisis. She said that Dominguez is a kind-hearted man so he would eventually see where she’s coming from for the sake of the suffering Filipinos.
IMF-Listed for the Financial Aid
The Philippines is one of the listed countries that can avail of the debt moratorium. Progressive countries including America is actually availing of the said arrangement. It can also happen that the international lending institution would offer the deal themselves due to the pandemic. It would be very questionable if the Finance Secretary would refuse this.