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Philippines’ Marcos signs US$9 bn wealth fund into law

Philippine President Ferdinand Marcos signs a law creating a US$9 billion sovereign wealth fund to stimulate economic growth and infrastructure spending, despite critics warning of potential misuse and public opposition. The fund, named the “Maharlika Investment Fund,” will draw funds from various sources, including the national government, gaming revenue, and private investments. Marcos assures transparency and prudent management of the fund.

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MANILA, PHILIPPINES — Philippine President Ferdinand Marcos on Tuesday signed into law a bill creating a US$9 billion sovereign wealth fund aimed at boosting economic growth and infrastructure spending, but critics warned it will be prone to misuse.

Marcos had pushed Congress for swift approval of the bill, which was filed by his son and cousin late last year.

During a signing ceremony at the presidential palace, Marcos said the fund would “leverage a small fraction” of the government’s money without adding to the country’s debt burden.

“We will leverage on a small fraction of the considerable but underutilised investable funds of government and stimulate the economy without the disadvantage of having additional fiscal and debt burden,” Marcos said, less a week before he is due to deliver his second State of the Nation address.

But a small group of protesters rallied near the palace in opposition to the law, claiming the fund was a “deception” and would put public money “in danger”.

The 500-billion-peso “Maharlika Investment Fund” will draw most of its funds from the national government, including the central bank, gaming revenue and two state-owned banks.

Private banks and companies will also be allowed to invest.

The original proposal was for a US$4.9 billion fund that would be partly bankrolled by state-run pensions for government and private-sector workers, sparking public fears that retirement savings could be put at risk.

The final version of the bill approved by Congress in May said pension funds would not have to contribute.

The fund will be allowed to make a wide range of investments, including in corporate bonds, equities, joint ventures and infrastructure projects.

Marcos said Tuesday the fund would help the government achieve its economic growth targets and reduce reliance on foreign borrowings to pay for new roads and bridges.

He insisted the fund would be transparent and only top finance professionals would be hired to manage it.

“I assure you that the resources entrusted to the fund are taken care of with utmost prudence and integrity,” Marcos said.

Conventional sovereign wealth funds are seeded by windfall government profits from natural resources such as oil or minerals.

The word “maharlika” is widely associated with Marcos Jr’s late dictator father and namesake, who presided over widespread human rights abuses and corruption during his two decades in power. He was ousted in 1986.

Marcos Sr claimed to have led an anti-Japanese guerrilla unit called Ang Mga Maharlika during World War II, but he has been accused of lying about his war record.

— AFP

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AFP

Singapore hangs 14th drug convict since last year

Singapore executed Mohd Aziz bin Hussain, convicted of drug trafficking, amid a resumption of executions in 2022. Another woman prisoner, Saridewi Djamani, faces execution.

Amnesty International urged Singapore to halt the executions, questioning the deterrent effect of the death penalty.

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26 July 2023

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SINGAPORE, SINGAPORE — Singapore on Wednesday hanged a local man convicted of drug trafficking, officials said, two days before the scheduled execution of the first woman prisoner in the city-state in nearly 20 years.

Mohd Aziz bin Hussain, convicted and sentenced to death in 2017 for trafficking “not less than 49.98 grams” (1.76 ounces) of heroin, was executed at Changi Prison, the Central Narcotics Bureau said in a statement.

The 57-year-old was the 14th convict sent to the gallows since the government resumed executions in March 2022 after a two-year pause during the Covid-19 pandemic.

Hussain’s previous appeals against his conviction and sentence had been dismissed, and a petition for presidential clemency was also denied.

A woman drug convict, 45-year-old Saridewi Djamani, is scheduled to be hanged on Friday, according to the local rights group Transformative Justice Collective (TJC).

She was sentenced to death in 2018 for trafficking around 30 grams of heroin.

If carried out, Djamani would be the first woman executed in Singapore since 2004, when 36-year-old hairdresser Yen May Woen was hanged for drug trafficking, according to TJC activist Kokila Annamalai.

Singapore has some of the world’s toughest anti-drug laws — trafficking more than 500 grams of cannabis or over 15 grams of heroin can result in the death penalty.

Rights watchdog Amnesty International on Tuesday urged Singapore to halt the executions, saying there was no evidence the death penalty acted as a deterrent to crime.

“It is unconscionable that authorities in Singapore continue to cruelly pursue more executions in the name of drug control,” Amnesty death penalty expert Chiara Sangiorgio said in a statement.

Singapore, however, insists that the death penalty has helped make it one of Asia’s safest countries.

Among those hanged since last year was Nagaenthran K. Dharmalingam, whose execution sparked a global outcry, including from the United Nations and British tycoon Richard Branson, because he was deemed to have a mental disability.

— AFP

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AFP

Singapore to execute first woman in nearly 20 years: rights groups

Singapore set to execute two drug convicts, including first woman in 20 years, despite rights groups’ calls to stop.

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25 July 2023

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SINGAPORE, SINGAPORE — Singapore is set to hang two drug convicts this week, including the first woman to be sent to the gallows in nearly 20 years, rights groups said Tuesday, while urging the executions be halted.

Local rights organisation Transformative Justice Collective (TJC) said a 56-year-old man convicted of trafficking 50 grams (1.76 ounces) of heroin is scheduled to be hanged on Wednesday at the Southeast Asian city-state’s Changi Prison.

A 45-year-old woman convict who TJC identified as Saridewi Djamani is also set to be sent to the gallows on Friday. She was sentenced to death in 2018 for trafficking around 30 grams of heroin.

If carried out, she would be the first woman to be executed in Singapore since 2004 when 36-year-old hairdresser Yen May Woen was hanged for drug trafficking, said TJC activist Kokila Annamalai.

TJC said the two prisoners are Singaporeans and their families have received notices setting the dates of their executions.

Prison officials have not answered emailed questions from AFP seeking confirmation.

Singapore imposes the death penalty for certain crimes, including murder and some forms of kidnapping.

It also has some of the world’s toughest anti-drug laws: trafficking more than 500 grams of cannabis and 15 grams of heroin can result in the death penalty.

At least 13 people have been hanged so far since the government resumed executions following a two-year hiatus in place during the Covid-19 pandemic.

Rights watchdog Amnesty International on Tuesday urged Singapore to halt the impending executions.

“It is unconscionable that authorities in Singapore continue to cruelly pursue more executions in the name of drug control,” Amnesty’s death penalty expert Chiara Sangiorgio said in a statement.

“There is no evidence that the death penalty has a unique deterrent effect or that it has any impact on the use and availability of drugs.

“As countries around the world do away with the death penalty and embrace drug policy reform, Singapore’s authorities are doing neither,” Sangiorgio added.

Singapore insists that the death penalty is an effective crime deterrent.

— AFP

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