On one hand, naming the country’s first sovereign wealth fund as “Maharlika” clearly harkens back to the supposed “good old days” of dictatorship, when political repression went hand in hand with kleptocratic governance and, crucially, monumentality. The crucial element of the whole “Maharlika era,” when the ruling family unabashedly styled itself as a royal dynasty with ancient pretensions, was the “edifice complex”: namely, the systematic deployment of grand projects, which created lots of publicity bang with lots of questionably spent bucks. It’s not too difficult, therefore, to decipher the true motivation behind directly attaching our new sovereign wealth fund to the family brand of the current occupants (anew) of the Malacañang Palace.
The seeming railroading of the MIF, meanwhile, also reflects the mediocrity of the legislative branch, which, until recently, had only passed four (out of 42) legislative priorities of the incumbent. And the sad thing about the MIF is that it is large enough to raise concerns over fiscal sustainability in a heavily indebted, import-dependent nation, but its projected size is also embarrassingly small compared to the trillion-dollar war chest of established sovereign wealth funds out there.
Here enters Sen. Risa Hontiveros, who, once again, was the only dissenting voice in the Senate. Even after a supermajority of her colleagues tried to spin their version of the MIF as sufficiently safeguarded, the fiercely independent-minded stateswoman maintained that “the fund is not what we need now” and is yet to “pass the test of economic viability” before being taken seriously. She also made it clear that she “will be watching intently” the implementing rules and regulations of the MIF, once signed into law, to “ensure that the prohibitions we put in place and the wins we were able to secure during the plenary deliberations are not lost.” Far from grandstanding, Hontiveros’ latest intervention echoed her unquestionable track record as the leading “fiscalizer” in our legislature.
Months earlier, she was the sole nationally elected official to vote against the Regional Comprehensive Economic Partnership. She cited key academic works, which showed the Philippines will likely be a net loser, since our “trade balance would worsen by $264 million per year and it would lose tariff revenues of $58 million per year.”
Without question, Hontiveros has been the singular genuine opposition figure in the Senate. And, more broadly, the only nationally elected one in the government. For some reason, however, Hontiveros’ substantive and principled-based interventions have neither been sufficiently covered by the mainstream media nor wholeheartedly backed by social media accounts associated with the opposition.
As far as opposition-affiliated thought leaders are concerned, the bulk of their focus seems to be still zeroed in on either the former vice president Leonor “Leni” Robredo or the Nobel laureate Maria Ressa. Without question, Robredo and Ressa are among the most remarkable women leaders of our era. And they deserve all the support and recognition that they have been enjoying in recent years.
Robredo has also done great work when it comes to transforming the Angat Buhay Foundation, currently led by the compassionate and capable Raphael “Raffy” Magno, into a potential mitochondria of a broader progressive grassroots movement. Following the release of her new book, “Tayo Ang Liwanag,” a visibly rejuvenated and inspired Robredo made it clear, “the fight continues … We can never quit.”
Ressa, on her part, has helped transform the Philippine media landscape in the past decade through the deployment of brave journalism and cutting-edge analytics.
Lest we forget, however, Hontiveros is now the de facto leader of the opposition. Against all odds, she managed to secure reelection in the hotly contested Senate. Over the years, she overcame a torrent of misogyny, Red-tagging, and a whole host of challenges, from which many conventional liberal figures were insulated. For some, not only is Hontiveros the sole opposition figure in the upper chamber, but arguably also the only true progressive to have made it to national office in recent memory. Hers has been a singular struggle, but it doesn’t have to be a lonely fight for far too long.