Metro Manila (CNN Philippines, January 11) — Senate President Juan Miguel “Migz” Zubiri said Wednesday he has invited economic managers to brief senators on the proposed Maharlika Investment Fund (MIF) later this month.
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At the Kapihan sa Manila Bay media forum, Zubiri said Finance Secretary Benjamin Diokno and Budget Secretary Amenah Pangandaman will conduct the briefing on Jan. 24.
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No senator has filed a counterpart bill to the measure passed by the House of Representatives in December. Zubiri does not expect his colleagues to file a new version, saying the Senate Committee on Banks, chaired by Sen. Mark Villar, may work on improving the House bill instead.
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READ: Zubiri: Senate to study Maharlika fund bill with ‘fine-tooth comb’
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While some senators have expressed reservations about the proposal, Zubiri said the Senate remains open to the MIF, guaranteeing enough safeguards against abuse and corruption.
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Zubiri said the government should use the sovereign wealth fund to nationalize assets, including the National Grid Corporation of the Philippines (NGCP). He stressed that this is his personal idea, calling it a “safe investment.”
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“Kung sasabihin nila sa akin, bibilhin nila ‘yung 40% share ng Chinese government sa NGCP, aba, pipirma na ko sa batas. Pabor na ko diyan. Ibig sabihin ibabalik po natin, we can renationalize some of our assets that we feel are very important,” Zubiri said.
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[Translation: If they tell me that they will buy the 40% share of the Chinese government in the NGCP, then I will sign the measure. I will be for it. It means we will have it back, we can renationalize some of our assets that we feel are very important.]
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The NGCP was privatized through Republic Act 9136 or the Electric Power Industry Reform Act (EPIRA) of 2001. It officially started operations as a power transmission service provider in 2009.
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The NGCP consortium, which holds the 25-year concession contract and the 50-year franchise to operate the power transmission network, is comprised of Monte Oro Grid Resources Corp. led by Henry Sy Jr., Calaca High Power Corporation led by Robert Coyiuto Jr., and the State Grid Corporation of China (SGCC) as technical partner.
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