President Marcos Jr. waded into a potential legal and regulatory quagmire by issuing a statement describing as “unfortunate” the decision of the Court of Appeals (CA) to temporarily suspend a power supply deal between an electricity generating unit of San Miguel Corp. (SMC) and the Manila Electric Co. (Meralco). The statement issued by Malacañang Palace last Sunday further quoted the Chief Executive as saying, “We hope the CA will reconsider and include in their deliberations the
Speaker Ferdinand Martin Romualdez and senior deputy majority leader Ferdinand Alexander Marcos III have filed a bill to create a sovereign wealth fund. Essentially, it would mandate the Government Service Insurance System (GSIS), Social Security System (SSS), Landbank, and Development Bank to pool their resources to be able to invest as a sovereign wealth fund. The fund would be under the direction of a board consisting of nominees of the participating government financial institutions, as well as two independent directors. The Romualdez-Marcos scheme comes at the heels of similar proposals dating back to the previous administration or even earlier. Back
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