Veteran stockbroker John Mangun slammed the plan of presidential aspirant Manila Mayor Isko Moreno to use billions of pesos in government funds for a national fiber optic internet network.
Moreno said internet speeds will be “competitive” in his planned revival of the NBN-ZTE broadband deal, only faster. It will be equivalent to 10% of the budget of the Department of Public Works and Highways (DPWH), or about P66 billion if based on the agency’s 2021 funds.
The man behind Mangun on Markets said it was not a sound plan.
“Dear Isko, I DO NOT want you to spend MY tax money for someone else’s internet,” the long-time stocks trading expert tweeted.
Mangun said he’d prefer for the DPWH to stick to tangible infrastructure.
“Please note… roads, bridges, seaports, airports, naval vessels, military aircraft, hospitals, direct assistance to the poor, are beneficial to and used by everyone,” he added.
Dear Isko…..I DO NOT want you to spend MY tax money for someone else's internet. Please note….roads, bridges, seaports, airports, naval vessels, military aircraft, hospitals, direct assistant to the poor, are beneficial to and used by everyone. https://t.co/2QqvYq8uaX
— John Mangun (@mangunonmarkets) November 23, 2021