MIF vs. food stamps

While the Maharlika Investment Fund (MIF) awaits review and the President’s signature, the Privatization Council (PC) is preparing to dispose of P2.5-billion worth of non-performing assets “to raise much-needed revenues for priority projects,” according to Finance Secretary Benjamin Diokno.

The PC would bid out initially six properties worth P152.8 million, including a bank – the Al-Amanah Islamic Investment Bank of the Philippines in Tugbok, Davao City.

“We are on track to meet our target of selling (P1.9 billion) worth of assets this year,” Diokno said. “We will continue to work hard to dispose of non-performing assets and raise much-needed revenues for priority projects.”

The PC is targeting to privatize 143 properties with a total value of P2.5 billion for the rest of 2023.

Meanwhile, the Social Welfare Department is set to launch a nationwide food stamp program to cover initially 300,000 families.

Under the original food stamp program copied from the United States, a specific amount will be set aside for general food items and special stamps or vouchers for surplus produce of beneficiary-farmers.

The DSWD plans to start the food stamp pilot program in July. The Asian Development Bank has provided a $3-million grant to jump-start the pilot program until December.

DSWD Secretary Rex Gatchalian revealed that a sequel program – the Walang Gutom 2027 Food Stamp Program – aims to benefit a million poor households and would require approximately P40 billion in annual funding.

Albay Rep. Joey Salceda proposed that government consider sourcing funds for the food stamp program from sweetened beverage tax revenues as well as from a proposed tax on junk food.

In short, Malacanang recognizes the lack of funds especially for poor families. The Finance Department has tapped the PC sell government assets to raise funds.

And yet, the MIF bill talks of investing government funds to finance government projects.

Apprehensions of MIF flaws and possible mismanagement have been silenced by Malacanang’s political allies.

Ordinary Filipinos hardly care about MIF. The farmers and urban squatters want to know when the DSWD will give the next dole-out under the Pantawid Pamilya Program or if this will be replaced by the food stamp program.

A DSWD undersecretary already warned the free dole-outs are counter-productive. Many Filipinos are becoming dependent of free cash from government.

And yet, social welfare officials are looking at how to increase the cash dole-outs which are prone to corruption.

Hundreds of billions of pesos are being sought for MIF. So, who’s looking for funds for DSWD or the farmers or the food stamp program?

Officials of the Department of Finance and the Department of Budget and Management are not talking. Meanwhile, Filipinos are caught in between.