Read this in The Manila Times digital edition.
WOW, it is supposed to be the season of goodwill and good cheer, but what do we have?
First is the railroading of the so-called sovereign wealth bill with an unfortunate choice of name. Just the haste and the make-do articles in it raise enough suspicion. To begin with, we have no sovereign wealth or surplus funds or are not even break-even with our budget. We have an enormous debt and will continue to borrow to carry on governance and everything that it is responsible for. Moreover, our dollar reserves, which are nothing to rave about in total in the context of our financial situation, are needed for defending our currency and trade. The Bangko Sentral ng Pilipinas (BSP) has to remain independent, manage its own affairs and do it well enough to show monetary prudence. This bill will cramp that independence.
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