Proclamation of winning BSKE candidate could be halted

By Nidz Godino

“Because many think  Comelec cannot resolve all of it…don’t worry, we will issue  resolution suspending all  proclamations of candidates with pending cases,” Commission on Elections (Comelec) Chairman George Garcia said more government forces are being deployed to ensure  peaceful and orderly barangay and Sangguniang Kabataan elections (BSKE) next week.

At least 715 personnel from  Philippine National Police (PNP), 250 from  Armed Forces of the Philippines, 115 from  Philippine Coast Guard and 90 participants from  Department of Education assembled for deployment during  send-off and turnover rites at Camp Crame.

Contingents  were sourced from all 17 regions in the country and will be part of government forces deployed for  barangay polls next week.

During  press briefing, PNP chief Gen. Benjamin Acorda Jr. said police have categorized areas into four groups in terms of security risks for  BSKE: red, orange, yellow and green.

At least 356 areas were put under  red category, 1,323 were orange, 1,231 yellow and the remaining 39,114 barangays in  green category.

Categorization  is  crucial element of their security assessment, Acorda said, noting  PNP’s assessment of  situation “is favorable one.” He said that it is considered  “go-go” for PNP and other agencies under Comelec.

While Acorda expressed readiness and commitment to maintaining  security of  BSKE, he emphasized  PNP and partner agencies are closely coordinating to ensure  safety of teachers involved in elections, addressing any threats they may face.

Acorda has also discussed  as of Oct. 23, 22 election-related incidents (ERI) have been validated out of 109 reported.  Numbers  show  decrease in ERIs compared to previous elections, which is  positive sign for  upcoming BSKE, he said.

BSKE candidates with pending disqualification cases may not be able to assume their posts even if they win in  Oct. 30 elections, Garcia said.

Garcia said  commission intends to come out with  resolution suspending proclamation of candidates with pending disqualification cases.

Garcia explained  Comelec still has jurisdiction over those candidates who won elections, thus their proclamation may still be suspended.

According to Garcia, suspending  proclamation is best remedy, considering  high number of candidates facing disqualification cases.

He noted  Comelec still needs to observe due process and will not immediately disqualify candidates without valid proof.

Under  Omnibus Election Code, candidates with highest number of votes shall be proclaimed upon completion of election returns.

Comelec has already filed 165 petitions for disqualification and issued 7,103 show cause orders against candidates accused of premature campaigning.  Poll  body also issued 341 show cause orders against those who allegedly engaged in illegal campaigning.

In Aguilar town, Pangasinan,  candidate running for barangay captain was shot dead by  unidentified gunman.

Reports gathered from  Pangasinan PNP provincial office identified fatality as Arneil Flormata, 41,  resident of Barangay Bayaoas and running for barangay captain.

Initial investigation said  prior to incident, Flormata was attending miting de avance at Sitio Casagatan. After delivering his speech,  victim walked toward his sport utility vehicle (SUV) parked beside  road to change his shirt.

When  victim alighted from his SUV, he was shot once by  still unidentified gunman using  .45 pistol.  Gunman  then fled aboard getaway tricycle driven by his cohort.

Victim  sustained bullet wound to head and was rushed to  hospital in Mangatarem but was declared dead on arrival by  attending doctor.

Police immediately conducted dragnet and checkpoint operations for  possible arrest of  suspect.

Authorities are conducting further investigation to determine  possible motive behind  killing, determine  identity and  immediate arrest of  suspects.

Meanwhile, Pangasinan Police Director Col. Jeff Fanged said  police will go after  culprits in  killing of Flormata. He said they will leave no stone unturned as he vowed to do everything to solve  case. 

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House panel held LTFRB whistle-blower 10 days detention

By Nidz Godino

“Mr. Tumbado, you are making  fool of us…you made  statement then amend it on next question… you are making  circus out of this… I will not allow that,” Antipolo City Rep. Romeo Acop said this tactic is “showing disrespect” to  committee.

House committee on transportation  cited in contempt Jefferson Tumbado for giving flip-flopping statements on his allegations of corruption at  Land Transportation Franchising and Regulatory Board (LTFRB), and had him detained for 10 days.

Tumbado,  former LTFRB head executive assistant, earned ire of lawmakers for lying in his testimonies during  motu proprio inquiry of  committee chaired by Acop.

Other congressmen accused Tumbado of withholding information about alleged anomalous transactions related to Public Utility Vehicle Modernization Program (PUVMP) at  LTFRB.

When Parañaque Rep. Gus Tambunting asked him to present evidence on his claim that corruption is prevalent in  agency, Tumbado said he had “no direct knowledge” if suspended LTFRB chief Teofilo Guadiz III has any involvement in it.

He added that he only dragged Guadiz into the issue of corruption because he “felt bad” when the latter did not listen to his complaints at a time he had a rift with a co-worker.

“None, your honor…that was just my opinion,” Tumbado told Tambunting who asked him if he has evidence to pin Guadiz down.

“You gave your opinion without any proof, wasted our time…we went here despite our break and now you’re telling us, it was just your opinion?” said  visibly irked Acop, a lawyer and retired police general.

Upon repeated questioning, Tumbado  who recanted his earlier pronouncements that  corruption in LTFRB goes all the way to  Palace  claimed he only based his statements on complaints received from transport groups and disgruntled LTFRB personnel.

He also told  committee  he took offense when Guadiz reassigned him to another department  statement that angered Tambunting even more: “Simply because you were reshuffled, you suddenly accused him ,Guadiz of corruption?”

Former  LTFRB employee answered in  affirmative.

Guadiz, who also attended  hearing, told Bulacan Rep. Salvador Pleyto Sr.  no single officer has  power to approve franchises.

“We need LGU ,local government unit,  DOTr,Department of Transportation and we need also other government agencies… not LTFRB alone,” Guadiz noted. 

“Moreover, I want to emphasize  in my time as chairman, there were no new routes that were approved, except  PNR route that was abandoned, belying claims  there were routes that were for sale,” he said.

After hearing, Guadiz felt relieved that his name has been cleared.

“I am thankful because my name,  I have been protecting for 23 years, has finally been cleared… I thank our God and  members of  House for looking into this,” he said in  interview.

Guadiz added his lawyer is studying  possibility of filing charges against Tumbado. 

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HEADLINES

Command conference on West Philippine Sea

By Nidz Godino

“Philippine government views latest aggression by China as blatant violation of international law… China has no legal right or authority to conduct law enforcement operations in our territorial waters…we are taking this incident seriously at highest level of government,” Defense Secretary Gilbert Teodoro Jr. said at  press conference at the Palace after  command conference President Ferdinand  Marcos Jr.convened his security and defense officials for  command conference at Malacañang discussed  disruption by  Chinese of resupply mission to  BRP Sierra Madre, one of its ships slightly hit  Philippine Coast Guard vessel during  “dangerous and provocative” maneuver.

At  command conference, FMJ was reported to have expressed very serious concern about incident , as he ordered  swift probe while  Department of Foreign Affairs (DFA) lodged  diplomatic protest and summoned Beijing’s ambassador.

With Teodoro at  Palace press conference were Navy chief Vice Admiral Toribio Adaci Jr. and PCG commandant Admiral Ronnie Gil Gavan.

“President is taking this very, very seriously… highest levels of government are giving serious weight to this incident, given false narrative of China, given more incredulous and aggressive behavior they display and given that we cannot tolerate this kind of action, we are here to really decry in  strongest possible terms this egregious violation and illegal act within  200-nautical mile exclusive economic zone and  obfuscation of  truth by China’s distorting  story to fit its own ends and duplicity in claiming to be peaceful and friendly while resorting to these aggressive acts,” Teodoro said.

In  post on X, PCG-West Philippine Sea spokesman Commodore Jay Tarriela said their statement on Sunday’s incident was truthful and backed up by proof.

“We do not respond to lies, we only comment on facts…our narrative is always backed up with compelling images and unedited videos, additionally, we always adhere to international laws, as we believe in upholding ethical standards in all our actions,” he said.

DFA spokesperson Teresita Daza said  country has filed  fresh diplomatic protest against China over  latest incident in Ayungin Shoal.

Unaizah May 2, Armed Forces of the Philippines-contracted supply boat, and PCG Coast Guard vessel BRP Cabra were en route to Ayungin Shoal to deliver supplies to Filipino military detachment manning Sierra Madre when they were “harassed” and “intentionally hit” by China Coast Guard and maritime militia vessels,  defense chief said.

Philippine Ambassador to China Jaime FlorCruz has been instructed to convey Manila’s protest to Beijing’s foreign ministry, according to Teodoro.

Adaci presented to  media video clips of two incidents of Chinese dangerous maneuver. He said  PCG vessel suffered some damage at  stern after being hit by  Chinese militia vessel.

Gavan, for his part,  expect to complete  investigation in five days.

“As we speak, I have already issued  directive to our Commander,  Coast Guard District Palawan to conduct maritime incident investigation immediately,” Gavan said.

He said  probe would focus on determining  extent of damage to  Filipino vessels involved.

“But at this point, it is very clear  two incidents are violations of Collision Regulations  very regulation we, coast guards, are expected to enforce…so we find it unfortunate or ironic  fellow coast guard will violate  law which they themselves are supposed to enforce,so, we’ll be submitting  report of our investigation through our department,  Department of Transportation, to the President for final disposition,” Gavan added.

But China said responsibility for Sunday’s incident “lies entirely with Philippines.”

It accused  PCG vessel of “deliberately” stirring up trouble by making  reverse in  “premeditated manner” into Chinese vessel.

Teodoro said Filipinos deserve “undistorted answers” from  government of China.

“Because, once again we repeat  they have neither jurisdiction or authority to conduct any sort of governmental operations within our 200-nautical mile exclusive economic zone…and no justification they can give will stand  test of credence before our own people and, more importantly, before  whole world,” he said.

Ayungin Shoal is located about 105 nautical miles from Palawan. China is also claiming  shoal, which it calls Ren’ai Jiao.

National Task Force for the West Philippine Sea spokesman Jonathan Malaya said Chinese vessels forced  collisions with Philippine boats as shown on videos and photos of incident.

“I think it’s very clear from what we showed you today  provocative actions are on part of China… not  Philippines that’s increasing tensions… China that’s increasing tensions in  West Philippine Sea,” Malaya said.

Unaiza May 2 resupply boat was 13.5 nautical miles east-northeast from  grounded warship when  “provocative, irresponsible and illegal action of CCGV 5203 imperiled  safety of its crew.”

In  same resupply mission, Chinese Maritime Militia vessel 00003 jolted  port side of  PCG vessel MRRV 4409 while it was hovering 6.4 nautical miles northeast of Ayungin Shoal.

Malaya said  task force finds development alarming enough for DFA to summon Chinese ambassador, stressing Philippines intends to send  “clear and unequivocal message”  China did was unacceptable.

“There’s a collision already and as we’ve seen very clearly through photos and videos and as will be reported by our embedded media friends, China’s actions were the ones  caused this collision,” Malaya said.

NTF-WPS spokesman added  while  government is thankful no one was hurt, such incident might happen again if no proper action is taken against China.

Meanwhile,  Armed Forces of the Philippines (AFP) lauded  crewmen manning  resupply boats and declared  state forces would continue whatever it has to do to protect Philippines’ territorial rights over  West Philippine Sea.

“What  Chinese vessels did was illegal and irresponsible…illegal in the sense that their presence in our EEZ ,exclusive economic zone  is not authorized based on UNCLOS ,United Nations Convention on the Law of the Sea and  arbitral award,” AFP spokesman Col. Medel Aguilar said.

Aguilar also stressed  Chinese vessels violated Convention on  International Regulations for Preventing Collisions at Sea of 1972.

“It is irresponsible because they acted recklessly, knowing very well  high probability of collision, which will put  lives of people in danger…let our people know and  rest of the world know  incident will not deter us from doing what is right,” he said. 

‘everybody goes home as Israel-Hamas conflict’

By Nidz Godino

“Let us stand united, ensuring that no Filipino is left behind, and reaffirm our commitment to their welfare during this critical period,” Rep. Ron Salo, chairman of the House committee on overseas workers affairs, said following  recent opening of  Egypt-Gaza border, senior administration legislator is calling on Marcos administration to do all it can in ensuring that no Filipino is trapped in  ongoing conflict between Israel and Hamas.

 “It is crucial to seize this opportunity for  safe exit of Filipinos…we urge  Department of Foreign Affairs to coordinate closely with Egyptian officials and international organizations,  imperative  we ensure Filipinos won’t be left behind when other nationalities are allowed to exit…every effort must be made to bring our countrymen home swiftly and securely. ..in  midst of this operation, maintaining clear and constant communication with Filipinos is paramount,” he said.

Eighteen Filipino repatriates arrived at  Ninoy Aquino International Airport from Israel.

They were second batch of repatriates who arrived in the country over the weekend since Oct. 20.

As of Oct. 21,  Department of Social Welfare and Development (DSWD) has assisted  total of 34 overseas Filipino workers through  provision of Assistance to Individuals in Crisis Situation program.

Each repatriated OFW received P10,000 cash aid and food assistance worth P10,000.

“We will also endorse them to their respective DSWD Field Offices for possible provision of additional services,” Assistant Secretary for strategic communications Romel Lopez said.

Philippine embassy in Beirut urged Filipinos in Lebanon to be voluntarily repatriated as tensions increase between Israel and Hezbollah.

“Due to heightened tension in  southern border of Lebanon, Philippine embassy calls for  voluntary repatriation of Filipino nationals,”  embassy said in its advisory.

Alert Level 3 was raised over Lebanon due to  worsening fighting related to  Israeli conflict.

Foreign Affairs Undersecretary Eduardo de Vega said in  interview that “Filipinos are being informed that there is  program for repatriation and advised to go home.”

There are around 17,500 Filipinos in Lebanon.

Embassy  urged Filipinos close to Lebanon’s southern border to evacuate preemptively amid persistent tension in the border.

Embassy  reminded Filipinos to “take caution and avoid public places, social gatherings, and unnecessary travels around Lebanon, especially to  South” due to  ongoing mass protests across Lebanon and persistent tension in  southern border, “posing a significant threat to  safety and security of civilians.”

Since violence escalated between Israel and  occupied Palestinian territory on Oct. 7, there have also been clashes on border between Israel and south Lebanon, resulting in casualties among civilians.

Meanwhile,  Department of Energy (DOE) is hoping ongoing conflict between Israel and Hamas will be contained as agency continues to keep  close watch on developments abroad.

Asked if  country should now be worried about  conflict’s potential repercussions to  local energy sector, Energy Secretary Raphael Lotilla said “we continue to monitor.”

DOE earlier does not expect  attacks on Israel to have long-term effects on oil and gas prices, unless  conflict escalates.

Concerns  escalated as Israel’s expected ground offensive against Hamas in Gaza was feared to set up  regional war involving Iran.

“If dragged directly into  conflict amid  proxy war, Iran could potentially use as  threat  blockage of  Strait of Hormuz,  important passage for international oil tankers, in retaliation to any action against it,” Rizal Commercial Banking Corp. chief economist treasury group Michael Ricafort said.

Latest data from  DOE showed all crude oil imported by the country for  first half was sourced from  Middle East.

Bulk or 50.2 percent of it came from Saudi Arabia at 1,744 million liters, making it  country’s major supplier of crude oil.

This was followed by United Arab Emirates, which provided 26.9 percent equivalent to 936 million liters, while  remaining 22.9 percent, equivalent to 796 million liters, were imported from Iraq.

“To ensure  continuous, adequate and stable supply of oil in the country,  DOE still enforces  minimum inventory requirement (MIR), current MIR for refiners stands at in-country stocks equivalent to 30 days of crude and finished products, while  equivalent of 15 days stock of finished products is required for  bulk marketers/importers and seven days for LPG importers,”  agency said.

Country’s imports volume of crude oil totaled to 3,476 million liters in the first semester, up by 23.7 percent from June 2022’s volume of 2,811 million liters. 

Loreta Villaren Alacre,  49-year-old Negrense caregiver killed in Israel, is finally home in Cadiz City, Negros Occidental.

It took almost two weeks for her remains to arrive in the country, after she was killed in  attack staged by Hamas militant fighters in Israel on Oct. 7. She was among  four Filipinos killed in Israel, according to DFA..

Alacre’s remains, arrived at Bacolod-Silay International Airport, were fetched by her siblings and representatives of  Department of Migrant Workers (DMW) and Overseas Workers Welfare Administration (OWWA) and transported to  funeral parlor in Cadiz City.

In  interview at  Bacolod-Silay Airport, Lorena Alacre  said  remains of her sister were already bloated.

Remains  of Loreta are now at  funeral parlor pending their transfer to her house in Sitio Camay-an in Brgy. Cadiz Viejo, Cadiz City.

Lorena said their main concern now is how to finance education of their nephews and nieces, which was being shouldered by Loreta when she was still alive.

Speaker Martin Romualdez has extended P500,000 in financial assistance to Alacre’s family, which was received by Loreta’s siblings last week.

Loreta is scheduled to be buried on Nov. 5 at  public cemetery in Brgy. Caduha-an, Cadiz City.

Cadiz City Mayor Salvador Escalante said they are now studying interventions on how to assist Loreta’s siblings, as six of them are dependent on her.

Asked if  Alacre family had any additional requests from  Cadiz City government, Escalante said they did not ask for anything.

“I think they have everything they need with  assistance they are getting from  national government,” he added.

OWWA has also put up  tarpaulin outside  house to express their sympathy to the bereaved family, while city government of Cadiz repaired  road and placed lights going to Alacre’s house.

In  statement, OWWA said  Loreta was described by her Israeli employer as a “dedicated caregiver.”

OWWA–Western Visayas regional director Rizza Joy Moldes, DMW regional director Glenda Aligonza and engineer Jojo Amugod of  Migrant Resource Center also joined  Alacre family at the Bacolod-Silay Airport.

Prior to her death, Loreta came home to Cadiz City, Negros Occidental in 2017.

Return P75 B Maharlika funding to DBP, Landbank

By Nidz Godino

“I stand by what I said, it is unconstitutional…so therefore, they should just abandon  Maharlika project… meantime, to be practical, return  Landbank and DBP money…otherwise it will sleep there for  long time because they still have to perfect it…it still needs to be organized as corporation,” while executive department is still “perfecting”  Maharlika Investment Fund, Senate Minority Leader Aquilino Pimentel III is calling for  immediate return of P75 billion to  government-run banks.

Pimentel said  process of “perfecting”  MIF, has yet to constitute  Maharlika Investment Corp., will take  long time and returning  money to Development Bank of the Philippines (DBP) and Land Bank of the Philippines is  practical thing to do.

He maintained  law constituting  MIF is unconstitutional.

Pimentel,  bar topnotcher, noted petition he and several others filed before  Supreme Court to declare  MIF unconstitutional remains pending.

In calling for  immediate return of  P75 billion, he pointed out both Landbank and DBP could not use or touch  fund for as long as it remains allotted to  MIF.

“That money is sleeping… still  long way before this MIC becomes operational…we still need to choose individuals to compose  board, its governing body… then hire  manager… have to hire investor experts, buy their computers, and do computer analysis… will take months or years.. so for  long time, Landbank’s P50 billion and DBP’s P25 billion will sleep in Bureau of Treasury…nothing will be spent yet as  government has yet to constitute MIC, including board… managers will propose where to put  money… board is not there yet, nothing is there yet.. still far-fetched,,” Pimentel said .

Pimentel earlier called on Malacañang to abandon  MIF as he welcomed its initial pronouncement that President Ferdinand Marcos Jr.ordered  fund’s implementation suspended. FMJ later clarified they were just trying to perfect  MIF.

TODAY’S GOD’S MESSAGE

Proverbs 9:10

¹⁰ The fear of the Lord is the beginning of wisdom,
    and knowledge of the Holy One is understanding.

Rice supply stable until Q1 of 2024

By J.Lo

“Farmers are happy that their rice is purchased at  higher price,” Department of Agriculture (DA) spokesman Arnel de Mesa said in  interview  country’s rice supply will be stable over  holidays and until  first quarter of 2024 following  ongoing harvest season and previous imports.

He noted t prices have gone down to around P41 to P45 per kilo for well-milled rice and down to P38 to P39 per kilo for regular milled rice in some provinces.

De Mesa said  current farmgate prices set by  National Food Authority (NFA),  range between P22.50 per kilo for dry palay and around P18 for wet palay, are advantageous to farmers.

As for buffer stock, De Mesa said  country has 94 days in its national stock inventory following  strong harvest season this month and  almost 2.8 million metric tons of rice imported in first half of the year.

“We need to maintain our buffer stock… NFA is purchasing locally…they are not allowed to import… should maintain at least 300,000 to 350,000 MT of stock as per rice tariffication,” De Mesa said.

He reiterated  no need to reimpose  rice price ceiling.

Political dynasty ban in SK can be challenged

By Nidz Godino

“Why can’t we apply this to councilors, mayors or congressmen?” Alexander Layos II, officer-in-charge of  Manila city government’s Youth Development and Welfare Bureau,  law graduate and former SK chairman of Barangay 99 in Tondo, said why only  SK,about  provision in  law  apparently banned candidates of  SK or Sangguniang Kabataan who belong to so-called political dynasties.

Section 10 of Republic Act 10742 or  Sangguniang Kabataan Act of 2015 mandates  SK candidates “must not be related within second civil degree of consanguinity or affinity to any incumbent elected national official or to any incumbent elected regional, provincial, city, municipal or barangay official, in  locality where he or she seeks to be elected.”

This means  anyone aged 18 to 24 might be disqualified as an SK candidate if any of his parents, siblings and grandparents, as well as his or her spouse, parents and siblings, is incumbent elected government official.

Speaking to mediar Layos said  provision in  SK reform law was pursuant to  1987 Constitution, particularly Section 26  “prohibits political dynasties as may be defined by law.”

Political  dynasty ban in  SK reform law could be challenged, Layos said.

He pointed out challenging  scope of  constitutional ban on political dynasty currently applicable only to SK, or  prospect of expanding  ban beyond SK, is “valid.”

Despite  issue, Layos emphasized  political dynasty ban in SK reform law was “one of  good reforms.”

Typhoid cases spiked

By J.Lo

Department of Health (DOH) revealed at least 17,531 typhoid cases have been recorded in the country this year.

In its latest disease surveillance report, DOH said  cases reported from Jan. 1 to Sept. 30, showed increase of 38 percent compared to 12,693 cases during  same period last year.

Cordillera Administrative Region reported highest number of cases at 2,861 followed by Northern Mindanao with 1,932 and Mimaropa, 1,413.

Central Luzon recorded  highest increase in cases at 192 percent or from 334 cases last year to 975 this year.

Mimaropa posted  increase in cases at 151 percent or from 563 to 1,413. Soccsksargen logged an increase of 119 percent or from 512 to 1,123.

Data from  DOH Epidemiology Bureau showed 63 deaths due to typhoid fever this year.

Fifty-six deaths were recorded last year.

Central Visayas recorded  highest number of typhoid-related deaths with 11 followed by Cagayan Valley with eight.

Bangsamoro Autonomous Region in Muslim Mindanao recorded six deaths.

Typhoid fever is  life-threatening infection caused by  bacterium Salmonella typhi. It is usually spread through contaminated food or water.

Other Gulf states interested in MIF

By Nidz Godino

“We introduced to them  Maharlika Investment Fund, and that was, that has proceeded very quickly and we have gone into, we have already started, we detailed talks with their PIF ,Public Investment Fund, equivalent  in Saudi Arabia… their investment fund and how we can do it, how we can work together,” President Ferdinand Marcos Jr.  said aside from Saudi Arabia, other countries in Gulf region have signified interest in  MIF.

In  interview with  Philippine media delegation at  InterContinental Hotel FMJ  is “encouraged” by  positive response not only of Saudi Arabia, but also of other members of  Gulf Cooperation Council (GCC) to his invitation for them to invest in MIF.

FMJ and  other leaders of  Association of Southeast Asian Nations met with GCC leaders  for  inaugural ASEAN-GCC Summit aimed at strengthening ties and cooperation between  two regional groupings.

GCC members include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and  United Arab Emirates; while Brunei, Burma, Cambodia, Indonesia, Laos, Malaysia, Philippines, Singapore, Thailand and Vietnam compose  ASEAN.

Malacañang earlier said two of Saudi’s largest financial institutions  PIF of Saudi Arabia and Jada  are considering putting money into  MIF,  Philippines’ first sovereign wealth fund.

PIF is one of  world’s largest sovereign wealth funds, while Jada was established by  PIF with nearly $1 billion in capital.

“And it is not only Saudi Arabia, it is also other Gulf countries who have expressed  interest…and I am very encouraged and quite happy by  fact  reaction  we got from our partners in Saudi Arabia and in other countries has been very, very encouraging and they really want to have, to help and invest in MIF because they really see it as  good investment,” FMJ said.

FMJ did not mention  other Gulf states  express interest in  MIF.

Chief Executive believes MIF would get  interest of more foreign investors once it becomes operational.

“I’m confident  once we get it operationalized, once we are able to start talking in detail with not only  investment funds but even private corporations and other governments as well, and precisely  role  we have envisioned for,  sovereign fund,  Maharlika Fund. And that is  direction  it has taken,” he said.

FMJ has suspended  rollout of  implementing rules and regulations (IRR) of Republic Act 11954 or  Maharlika Investment Fund Act of 2023.

FMJ said implementation of MIF was not put on hold contrary to reports, as  measure is just “being improved” to make it “as close to perfect and ideal as possible.”

Malacañang earlier released  copy of  memorandum signed by Executive Secretary Lucas Bersamin for President suspending implementation of  IRR of RA 11954.

Finance Secretary Benjamin Diokno, who was part of Marcos’ delegation on  Saudi two-day visit, earlier said  MIF would be fully operational by  end of the year.

RA 11954, signed by Marcos in July, creates Maharlika Investments Corp. designed to be  sole vehicle for mobilizing and utilizing  MIF for investments.

MIC is expected to have at least P75 billion in paid-up capital this year, with P50 billion sourced from  Land Bank of the Philippines and P25 billion from  Development Bank of the Philippines.

Fund will be invested in wide range of assets, including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, joint ventures, mergers and acquisitions, real estate and high-impact infrastructure projects.

 It was “short but successful” visit, FMJ said  after arriving from Saudi Arabia where he attended  first summit of leaders of Southeast Asian nations and Gulf states.

In his arrival statement delivered at  Villamor Airbase, FMJ said  Association of Southeast Asian Nations-Gulf Cooperation Council (ASEAN-GCC) Summit was  landmark event  provided  Philippines with opportunity to project its longstanding promotion of  rules-based international order.

Such order is essential to maintain peace, security and stability in two regions, he added.

 “I have arrived back from Riyadh, Saudi Arabia after  very short but I can say successful and productive visit,” FMJ said.

According to FMJ summit marked  first time leaders from ASEAN and GCC states met and tackled regional and international issues and agreed on  future of their cooperation.

“I highlighted, in particular,  ways  we can collaborate in areas of energy, food security and  enhancement of logistic chains for  continued progress of our interdependent global economy… I underscored in this regard our commitment to  full implementation of  ASEAN-GCC Framework of Cooperation for 2024 to 2028,” he added.

FMJ said  during summit, he advocated for  safeguarding of  rights and welfare of  more than two million Filipinos in GCC countries and called for their upskilling so they could meet  demands of  increasing digital transformation in  modern workplace.

“Let me assure you  we will continue to advance our national interests as we further expand our partnerships abroad,” he added.

Summit  also allowed ASEAN and GCC leaders to express their views on conflict in Israel and Gaza.

“I shared our hope for peace,  should prevail and for  welfare and safety of civilians to be upheld in accordance with international humanitarian law,” FMJ said.

FMJ also reported  signing of a memorandum of understanding between EEI Corp. and Samsung Engineering NEC Co. Ltd.,  joint venture between Samsung Engineering and Al Rushaid Petroleum Investment Corp.

Under  agreement, valued at $120 million,  500-person capacity training facility would be established in the Philippines to upskill Filipino employees in various professions in  construction industry. FMJ said  facility seeks to train at least 3,000 Filipinos a year and more than 15,000 Filipinos in  next five years.

Trade department,  President added, reported three other business-to-business agreements that were discussed among Saudi and Philippine human resource companies for  training and employment of Filipinos across  wide range of industries, including health care and hotel and restaurant and catering and maintenance and operations, among other operations.

“These agreements are expected to generate more than $4.2 billion and an additional 220,000 jobs for Filipinos over next few years,” FMJ said.

During visit, FMJ met with  Filipino community in Saudi Arabia and assured them of continued support and assistance.

He also had meetings with  Kuwaiti Crown Prince and  Crown Prince and Prime Minister of Saudi Arabia.

FMJ and  Crown Prince of Saudi Arabia exchanged views on “issues of common concern.” He was hopeful  their countries could sustain  momentum of high-level exchanges as they expand cooperation in key areas.

“It was very encouraging because  Crown Prince made it very clear to me Filipinos will play  very important part in  continuing growth of their economy…and there is  new aspect to our relationship with Saudi Arabia,” FMJ said.

According to FMJ,  relationship between  Philippines and Saudi Arabia would become “ two-way street” as  Middle Eastern country would invest more in the Philippines.

“Whereas before essentially it was just for employment and we sent our people, our OFWs, now, they have extended that relationship and say time  to invest to Philippines and to support their food supply situation and to support  industries  they are going to expand and they are going to establish, they see ASEAN and  Philippines, in particular, as  very  as  area of very good potential for  development and transformation of their economy,” he said.