“The success of any fund, sovereign or private, lies in the quality of its management. In the current version of the Maharlika Wealth Fund, the President of the Philippines chairs its governing Board,” Arroyo said.“This is a powerful statement that the highest official of the land will hold himself as ultimately accountable to the Filipino people for the performance of the Fund,” she added.
Former president and House Senior Deputy Speaker Gloria Arroyo on Monday said President Ferdinand Marcos, Jr. is the ultimate person accountable for the proposed Maharlika Investment Fund or sovereign wealth fund.wherein a P250 billion capital for the MIF will come from state financial institutions, and P25 billion from the National Treasury. Other contributions will come from BSP and Philippine Amusement and Gaming Corporation, among others.
Once the Fund is operational, Arroyo said Marcos can also count on the advice from the Department of Finance which is headed by Secretary Benjamin Diokno. “The Fund is seeded by investible funds from GFIs that they would invest, anyway, in order, ideally, to maximize returns and generate funds that contribute to or supplement the financial resources at the disposal of the government for programs and projects that benefit the Filipino people. Second, the Fund will have an established mechanism for future contributions,” she said.
But for Komunidad ng Pamilya, Pasyente at Persons with Disabilities party-list, having President Marcos as the chair of the Maharlika fund is what makes the proposal dangerous, and that taking capital of the MIF from Government Service Insurance System and Social Security System is not allowed under existing laws.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Arroyo sounds off on 'Maharlika' fund; says Bam Aquino filed similar bill in 2016Lawmakers in the current 19th Congress weren’t the first to propose the creation of a Philippine sovereign wealth fund.
Read more »
'Unconstitutional?' Salceda defends 'Maharlika' fund amid Carpio's commentsOnce again, Albay 2nd district Rep. Joey Salceda felt compelled to respond to a known personality’s comment on the proposed P275-billion Maharlika Wealth Fund or MWF.
Read more »
Guanzon worries about Maharlika fund: ‘Baka Tallano gold na naman yan?’P3PWD Party-list Rep. Rowena Guanzon warned against the creation of the controversial P275-billion Maharlika Wealth Fund (MWF) by the Marcos administration, likening it to the mythical Tallano gold said to be in possession of the Marcos family.
Read more »
Senate set to scrutinize Maharlika Wealth Fund; House touts safeguards - BusinessMirrorSENATORS were expected to mount an inquiry into the proposed use and safeguards for the P275-billion Maharlika Wealth Fund bill, which their counterparts in the House of Representatives are rushing, amid mounting concern over the use of workers’ pension funds to seed the facility. At the weekend, Sen. Jinggoy Estrada joined the chorus of cautious reminders
Read more »
BSP chief joins concerned groups on Maharlika Fund - BusinessMirrorPrimarily pushed by House Speaker Rep. Martin Romualdez and Deputy Majority Leader Sandro Marcos, HB 6398 proposes to use pension funds under the Social Security System and Government Service Insurance System, as well as funds of state-owned Land Bank of the Philippines and Development Bank of the Philippines, as seed capital for the Maharlika Wealth Fund
Read more »