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.
YouTube video by Elena Grace Flores from Bagong Lipunan Cory Aquino rejected turn over of Marcos Wealth to the Filipinos
Doy Laurel’s Testimony
President Ferdinand E. Marcos gave Doy Laurel a letter addressed to President Corazon Aquino proposing that 90 percent of all his assets worldwide would be given to a foundation in trust for the Filipino people. Unfortunately, Cory ignored Doy.
Marcos to Doy Laurel:
“Please tell Mrs. Aquino to stop sending her relatives. They are proposing so many things, all I want is to die in my country. Tell her to let me come home. I will turn over 90 percent of all my worldly possessions to our people. I will ask only 10 percent for my family. That is much better than her relatives are proposing.”
Practicality or a Service to the Aquinos?
Finance Secretary Carlos Dominguez earlier rejected the suggestion of Marcos’ daughter, Senator Imee Marcos to defer the debt payments first during the crisis for the sake of the people. Dominguez is President Rodrigo Duterte’s childhood friend from Mindanao. He has the trust of the private sector; he made his money in banking, tobacco, and retail, and has spent the last half-century running 20 big firms, including BPI Agricultural Development Bank before his current public position. He’d long proven his ability to manage both up and down, spending three years in the 1980s running two ministries for former president Cory Aquino.
Saving Faces on the Debt Payment
In the video commentary, the conclusion says that the pro-Aquino stalwarts who accused the late President Ferdinand Marcos of ill-gotten wealth have to save their faces. If they use the financial facility installed by Marcos is just like admitting their wrong accusations about him.
YouTube video by Imee Marcos Senator Imee Marcos spoke with PTV-4’s Aljo Bendijo, Bendijo program over Radyo Pilipinas
Senator Imee Marcos’ Debt Moratorium Proposal
Senator Imee Marcos pleads to the Finance Secretary, Carlos Dominguez to “have a heart.” She says that postponing debt payments would be a better option to shore up funds than to follow President Rodrigo Duterte’s suggestion. That is for the economic team to sell assets and steal if they have to. She also cites a debt relief program grant by the International Monetary Fund to 25 poor nations. Mostly from Africa. This restructures their loans for the next six months. This is a debt moratorium strategy that she got from her late father, former President Ferdinand Marcos in times of crisis. A proven way to be able to put the people’s welfare first.
Dominguez Rejects the Senator’s Suggestion
Dominguez rejects Marcos’ proposal for government to halt payments for maturing foreign debts. Despite the fact that this could free up cash for COVID-19 response. He calls it a “narrow-sighted” measure. Therefore, Dominguez shots down the call of the Senator to temporarily suspend loan payments to foreign lenders. Marcos’ idea to enable the government to extend more subsidies to struggling families and companies that ran out of business due to lockdowns would not be possible anymore for a longer-term. Just in case the problem continues after the end of May.
Economy and People’s Welfare Check and Balance
Marcos, chairman of the Senate Committee on Economic Affairs, added that her idea would unlock some ₱451 billion under the 2020 national budget. That amount covers interest payments on both domestic and foreign loans, a check with the General Appropriations Act showed. However, the Finance Secretary said: “Debt moratorium has not crossed our mind. It was never entertained or will ever be a part of our crisis response measures,” Dominguez said in a statement sent earlier. He added that doing this would put the country’s track record in peril. Honoring our word has allowed us to remain as one of the most attractive investment destinations and one of the world’s favorite bond issuers,” the Finance chief added. On the other hand, the Senator wants to address the people’s plight first then work on the economy when things are already in control.
YouTube video by CNN Philippines The Philippines is Strong Enough to Battle the Covid-19 Crisis
1.1 Trillion Pesos Funds Big Enough Considering the Economy
More funds are needed to help government deal with the global pandemic. Does the country have enough money? And how much will the government need to get back on its feet after the crisis?
Pinky Webb goes straight to The Source of the story: Finance Secretary Sonny Dominguez.
Senator Imee Marcos’ Disclosure on Credit Rating
Earlier, Senator Imee Marcos said that the DOF or the Department of Finance could borrow up to P440 billion without exceeding the manageable debt ceiling of 5.4%. Marcos stresses that the government currently maintains a 3.2% level. After the $100 Billion loan approval from the World Bank,Finance Secretary Carlos Dominguez III confirms that the country indeed has a good credit rating. We have yet to utilize loan facilities from the ADB, AIIB and World Bank, before resorting to commercial markets, he added. The P1.1 Trillion needed to fund the ongoing Build, Build, Build project, Covid-19 subsidies under the Bayanihan to Heal as One Act by the Senate until end of may and some recovery programs are covered.
Favorable Economy to Beat the Covid-19 Crisis
Secretary Dominguez commends the President for the very strong financial position of the Philippines to face the pandemic. He said that the Duterte administration manages to constantly increase revenues for the last 3 years. The spending are only limited to viable projects that promise returns like the Build, Build, Build. The poor people are prioritized for the goods and monetary assistance. However, the middle class who are employees and operators of SMEs can also have some benefits. Like the suspension of loan interests, 30-day rental fee grace period, and financial facility to stay afloat and revamp businesses after the lockdown. Filipinos must be so lucky to have a president like the late President Ferdinand Marcos who manages the WB gold reserves from the grave and President Duterte for believing in him through his alliance with the surviving Marcos siblings.