‘POTENSYAL NA PERWISYO’ | No reason to hasten discussion of Maharlika bill in Senate, says Pimentel

December 16, 2022 , 10:20 AM

By Beatrice Puente

(December 16, 2022) – After the speedy approval of the bill seeking the creation of the Maharlika Investment Fund (MIF) in the House of Representatives, Sen. Koko Pimentel on Thursday urged his fellow senators not to fast-track their deliberations given the need to closely review its unclear provisions.

Pimentel stressed that lawmakers cannot rush the proposal since it could create heavy long-term consequences once it becomes a law.

“Puwedeng benepisyo, puwedeng perwisyo. ‘Yun ang ating pag-ingatan. That’s why hindi ko nakikita ang dahilan kung bakit tayo magmamadali sa isang panukala na puwedeng malaki ang potensyal na perwisyo ang iiwanan para sa future generations of Filipinos,” said Pimentel on One News’ The Big Story.

In just 17 days, the supermajority was able to pass House Bill 6608, voting 279-6. It was passed on the second and third reading on the same day after President Bongbong Marcos Jr. certified the measure as urgent on Thursday.

As many as 280 lawmakers—about 90% of the lower chamber—are co-authors of the bill. House Speaker Martin Romualdez and Ilocos Norte Rep. Sandro Marcos, the chief executive’s cousin and son, respectively, are among the main proponents.

Romualdez touted the safeguard that lawmakers inserted in the bill’s recent version. But Gabriela Rep. Arlene Brosas, one of the only six lawmakers who voted against the proposal, stressed that the public must keep a watchful eye given some of the vague provisions.

“This is a poorly and hastily designed sovereign wealth fund that has all the indications of opening pathways to corruption and unscrupulous use of public funds, as this proposal institutes various regulatory exemptions to the Maharlika Investment Corporation,” said Brosas in her privilege speech.

In the bill’s latest form, the agencies that provide social security to workers cannot “be requested or required to contribute to the MIF.” But there’s still another provision that allows other government financial institutions to contribute to the fund depending on their “investment and risk management strategies.”

Brosas also lamented the meager penalties to be imposed against violators. For instance, fraudulent corporations that commit graft and corrupt practices will only pay P100,000 to P5 million. Other violations may incur a jail time of six to 20 years and a fine of not less than P3 million.

“Ang sabi dito ng proponents, baka wala nang gustong humawak talaga ng pera kasi nga ‘yung penalties, masyadong mataas,” said Brosas on One News’ The Chiefs.

Pimentel also noted that changing the chairperson of the Maharlika Investment Corporation from the president to the secretary of the Department of Finance does not take away the political nature of the proposal, stressing that the latter is still an alter ego of the former. He added that corruption remains a problem.

“Mayroon na nga tayong (Commission on Audit), congressional oversight, hindi pa rin takot ‘yung ibang ahensya. So what kung may tatlo-tatlo kayong auditor diyan?” said Pimentel.

(PM)

Privacy Statement

Our Privacy Commitment

TV5 Network Inc. values and respects your privacy. We are committed to safeguarding your personal data in compliance with Republic Act No. 10173 or the Data Privacy Act of 2012 and its implementing rules and regulations.

We have developed a Privacy Policy that adopts and observes appropriate standards for personal data protection. While our Privacy Policy sets out the general principles governing the collection, use, and disclosure of our users’ personal information, our Privacy Commitment seeks to inform you more about TV5’s privacy practices.

Why do we collect your personal information (as applicable)?

We may collect and maintain basic information about you as site user of TV5 sites for the following purposes:

To deliver news and updates on current events, sports, esports and entertainment;
To share livestreams of news and sports events;
To understand our viewers’ needs and preferences;
To meet legal and regulatory requirements; and
To perform other processes or disclosures that are required to comply with pertinent laws, rules, or regulations.

Where do we get your personal information?

There are several ways we collect your personal information.

Information that you personally provided.

Most of the personal information we have are those that you have provided us when you:
- Register to our programs or services;
- Inquired, filed a complaint or requested for our services;
- Took part in our research and surveys; and/or
- Became our Partner, Vendor, Contractor or Supplier.

Information we collect during your engagement with us

We also collect information as you use our products and services, like:
- Viewing our websites;
- Activities that are being tracked by our website cookies;
- Calling our hotline;
- Using our apps, websites, and self-service channels and portals; and/or
- Joining our promos, prize raffles, or rewards and loyalty programs.

Information we collect from other sources

Other means of collection of information may be through:
- Our market research initiatives;
- When you visit and use our websites and mobile application; and
- Subsidiaries, affiliates, and third-party business partners to whom you have given consent to share your information to us.

When do we disclose personal information?

There may be instances when we are required to share the information you provided us. In such cases, we ensure that your personal information will be disclosed on a confidential manner, through secure channels and in compliance with the Data Privacy Act and other privacy laws.

We will never share, rent, or sell your personal information to third parties outside of TV5 except in special cases where you have given consent, and in cases described in our privacy policy.

In some instances, we may be required to disclose your personal information to our agents, subsidiaries, affiliates, business partners and other third-party agencies and service providers as part of our regular business operations and for the provision of our programs and services. This means we might share your information with our service providers, contractors, and professional advisers who help us provide our services.

How we protect your personal information

The integrity, confidentiality, and security of your information is important to us. We have implemented technical, organizational, and physical security measures that are designed to protect your information from unauthorized or fraudulent access, alteration, disclosure, misuse, and other unlawful activities.

We also put in effect the following safeguards:

We keep and protect your information using a secured server behind a firewall, encryption and security controls;
We keep your information only for as long as it is necessary for us to (a) provide the products and services that you avail from us, (b) for our legitimate business purposes, (c) to comply with pertinent laws, and (d) for special cases that will require the exercise or defense of legal claims;
We limit the access to your information only to qualified and authorized personnel who are trained to handle your information with strict confidentiality;
We undergo regular audits and rigorous testing of our infrastructure’s security protocols to ensure your data is always protected;
We promptly notify you and the National Privacy Commission when sensitive personal information that may, under the circumstances, be used to enable identity fraud are reasonably believed to have been acquired by an unauthorized person; and
We let you update your information securely to keep our records accurate.

TV5 will not collect, use, or disclose your personal information for any purpose other than the purpose that you may have given your consent for.

What are your choices?

We make sure that we have your consent to continue to collect, use, and disclose your personal information for the purposes that we have identified. We want you to know that you may object or withdraw your consent and/or edit your consent preferences at any time.

If you wish to have access to the personal information in our custody or if you think that the personal information you provided is incomplete, or otherwise inaccurate, you may get in touch with our Data Protection Officer through the contact details provided below. In some instances, we may request for supporting documents or proof before we effect requested changes.

Data Protection Officer
TV5 Network Inc.
Reliance corner Sheridan Streets
Mandaluyong City
tv5dataprivacy@tv5.com.ph

What happens when there are changes in our Policy?

From time to time, we may update our privacy policy and practices to comply with changes in applicable laws and regulatory requirements, adapt to new technologies and protocols, and align with the best practices of the industry.

You will be provided notices if the changes are significant and, if we are required by law, we will obtain your updated consent.