A senior legislator said the Maharlika Wealth Fund bill contains sufficient punishments for mismanagement, and disputed the view put forward by critics that the bill is “beyond repair,” saying that the legislative process will tweak the measure further.
cials who violate investment policy or commit acts of gross negligence.
Legislators were working to address any governance loopholes in the bill, which has attracted backlash over its original plan — since withdrawn — to seed the fund with pension money from the Government Service Insurance System and the Social Security System. Mr. Tieng added that the corporation to be created under the bill, the Maharlika Investments Corp., will only act as a passive investor and will manage companies it invests in.
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.
A short timeline: Maharlika Wealth FundThe proposed Maharlika Wealth Fund’s (MWF) history in the current 19th Congress, particularly in the House of Representatives, has been short but not so simple.
Read more »
Maharlika Wealth Fund to bring needed investments - MarcosPresident Ferdinand 'Bongbong' Marcos Jr. voiced support for the Maharlika Wealth Fund, saying the controversial proposal will benefit the country through the investments it will bring. Read:
Read more »
Maharlika Wealth Fund good for PH---MarcosPresident Ferdinand “Bongbong” Marcos Jr. backed the controversial Maharlika Wealth Fund saying, it is advantageous to the Philippines.
Read more »
Marcos backs creation of Maharlika Wealth FundPRESIDENT Ferdinand “Bongbong” Marcos Jr. has expressed support to the controversial proposed bill at the House of Representatives that seeks the establishment of the Maharlika...
Read more »
Statement on the Maharlika Wealth Fund - BusinessWorld OnlineThe opposition to the contentious Maharlika Wealth Fund (MWF) intensifies despite government concessions. To allay the widespread anger of citizens, Congress, with the consent of the Executive, is withdrawing from its bill the participation of the Government Service Insurance System (GSIS) and Social Security System (SSS) in the MWF.
Read more »
Ex-cabinet execs join call to scrap Maharlika Fund - BusinessMirrorLAMENTING the weak justification and objectionable features of the proposed Maharlika Wealth Fund (MWF), former Cabinet officials have backed opposers, on grounds of its “lack of principles of prudential regulation and risk management, conflict-of-interest avoidance, transparency and accountability.” Fellows and members of economic think tank Action for Economic Reforms (AER), faculty members and professor emeriti
Read more »