(First of two parts) President Ferdinand Marcos Jr. appears intent on getting the mothballed Bataan Nuclear Power Plant (BNPP) going before he steps down in June 2028, in what critics say could be yet another project to airbrush his father’s legacy. The nuclear power plant in the province of Bataan west of Manila was built...
Category: Business
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Debunking objections to a wealth tax
A wealth tax is based on the market value of owned assets minus debts and other liabilities, i.e., one’s net worth—anything that has monetary value. These include cash, landholdings, bank deposits, shares of stocks, vehicles, real property, pension plans, crypto funds, housing, trusts, jewelry, yachts, planes, works of art, antique collections, copyrights, etc. Opponents from...
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Continue to oppose Maharlika Investment Fund, says ex-central bank official
As the battle shifts to the Senate after the House of Representatives overwhelmingly approved the bill creating the Maharlika Investment Fund (MIF), a former official of the Bangko Sentral ng Pilipinas (BSP) has called on the public to amplify its objections to the measure. Diwa Guinigundo, BSP deputy governor until 2019, said that while the...
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‘Maharlika Wealth Fund’: wrong in principle, thus beyond repair
Let us reflect on process and progress. The more common source of failure to progress is “circling”—moving round and round in circles, only to arrive at the original location. Many things have been said about the proposed “Maharlika Wealth Fund” (MWF). Now the framers are scrambling to make the legislation enabling it, House Bill No....
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Online trading will help you make extra money for the holidays
Having a secondary income stream is such a big boost in this happy time of the year. It can be done through online trading, which is also something that folks who look to close the year strong with an investment can seriously consider. Online trading is a little more complicated than traditional investing, but it’s still...
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‘Maharlika Wealth Fund’ is uniting Filipinos in resisting it
The cost of administering the Maharlika Investments Fund (MIF), the Philippines’ sovereign wealth fund to be established should the bill seeking its creation be passed into law, is alarming many Filipinos. Its ability to generate the “consistent and stable investment returns” that its proponents tout is also raising loud questions. One wonders how the Fund...
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Endless want, endless Christmas
The Christmas holiday season in the Philippines starts in earnest after All Souls’ Day. Gift lists are updated, the holiday-party, vacation and reunion schedules finalized. Weeks prior, the mall and tiangge merchants are already on holiday marketing mode, playing carols to set the mood and reeling in customers with irresistible discount sales. But now is...
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Advocacy merch and the ‘latag’ economy
With the unfolding and evolving drama on Twitter comes the predictable worry that dialogue—whether mindless or profound and operating in so-called real time in a space that one has gotten used to—has been interrupted. For frequent Twitter users, the basic question boils down to this: How can they now make known their thoughts and opinions, as well...
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Tax the rich: 9 reasons for a wealth tax
Rising inequality has been an inescapable phenomenon of global economic development over the past 200 years. Per the United Nations’ Sustainable Development Goals, growing inequality affects 70% of the global population and threatens “long-term social and economic development, [harming] poverty reduction and [destroying] people’s sense of fulfillment and self-worth,” all of which “can breed crime,...
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The dubious legacy of the Marcos debt
As the nation marks the 50th year of the declaration of martial law on Sept. 21, 1972, it is relevant to recall how that chapter in Philippine history has affected the country and its people. Three months after the ouster of the Marcos regime in February 1986, a group of 16 economists from the University...