Economic managers said they “strongly support” the creation of the Maharlika Wealth Fund (MWF), after lawmakers agreed to remove a provision in the bill that would have sourced its funding from state-run pension funds.
A Philippines peso note is seen in this illustration on June 2, 2017. — REUTERS/THOMAS WHITE/ILLUSTRATION
The statement was signed by Finance Secretary Benjamin E. Diokno, Budget Secretary Amenah F. Pangandaman, Socioeconomic Planning Secretary Arsenio M. Balisacan and Bangko Sentral ng Pilipinas Governor Felipe M. Medalla. Instead of using pension funds, the Finance chief said the proposed measure is being revised by lawmakers to require the BSP to contribute 100% of its annual dividends into the sovereign wealth fund for the first two years.
Last year, the BSP recorded a net income of P34.81 billion, while its dividends amounted to P17.41 billion. However, several business associations, economic policy groups, civil society organizations and labor groups have opposed the measure, citing concerns over lack of transparency, possible corruption and misuse of pension funds.
Other sources of funds are the Philippine Amusement and Gaming Corporation , which will provide at least 10% of gross gaining revenue streams. The National Government will also provide contributions, as authorized in the General Appropriations Act .
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