Written for The Diplomat
Asked about his achievements during his first 100 days as president of the Philippines, Ferdinand “Bongbong” Marcos said he was able to put up a “functional government.”
But a resolution passed by his party, the Partido Federal ng Pilipinas (PFP), hinted at several irregularities inside the presidential palace.
Throughout the campaign period and after becoming president, Marcos has consistently called for unity to move the country forward. Ironically, his subordinates and fellow party members are pursuing this by purging their rivals in public service.
Philippine Congress Approves Sovereign Wealth Fund Bill
Written for The Diplomat
The Philippine House of Representatives approved a bill creating a sovereign wealth fund despite the concerns raised by some economists and political analysts that it is unnecessary and will be prone to mismanagement.
It took only 17 days for legislators to pass the bill after it was tabled for deliberations because of the priority certification issued by President Ferdinand Marcos Jr. The Senate is expected to tackle the bill in January or February.
Marcos said in a media interview that the bill, which will create the Maharlika Investment Fund (MIF), was his idea, and is intended as an innovative approach to raising capital for his infrastructure projects.
The passage of the bill in the House of Representatives does not mark the end of the campaign against it. The opposition can still lobby for more amendments or the complete withdrawal of the measure in the Senate. Marcos proved how his allies in Congress will support his priority bills, but the spontaneous protests that erupted against the MIF showed the potential wider backlash that this proposal may generate next year.
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