Bartolome sees synergy in MIC, NDC, DBP merger

National Development Co. private sector board member Arsenio Bartolome believes that the government should move to combine and harness the assets of the Maharlika Investment Corp. (MIC), the National Development Co. (NDC) and the Development Bank of the Philippines (DBP) to grow the Philippine economy.

- MARIANNE GO

In an exclusive interview, Bartolome expressed the view that the government should combine the assets of the MIC and NDC with that of the DBP, with the latter as the lone government financial institution focused on national development.

He even suggests that the government should seriously look into combining the private sector insurance fund, the Social Security System (SSS), with the Government Service Insurance System (GSIS) to create a bigger fund that would help the government invest in projects that would boost the local economy.

He pointed out that combining the SSS with the GSIS may lead to better benefits for SSS members since the GSIS provides better benefits to government workers.

Just like what the government had done with the Philippine National Bank, which was privatized and is now owned by the family of taipan Lucio Tan, Bartolome is of the opinion that the Land Bank of the Philippines, which is also embroiled in the ongoing corruption probe on flood control projects, should also be privatized.

According to Bartolome, who previously headed the PNB and supported its privatization, the merger of the MIC, NDC and DBP would enable the government to focus on one or two major economic projects of national interest that would help spur economic activity, especially amid the slowdown in construction due to the ongoing probe into corruption in flood control projects of the Department of Public Works and Highways.

Bartolome noted that the MIC leadership has been unusually quiet for several months, with rumors swirling about the health of Rafael Jose “Joel” Consing Jr., who was appointed in November 2023.