Senator Risa Hontiveros on Tuesday echoed the sentiments if other lawmakers who expressed concerns over a proposal creating a sovereign wealth fund, saying it is counterproductive to the nation’s economic goals.
Hontiveros said she believes the proposed “Maharlika” wealth fund is better used to respond to the country’s urgent needs such as education, healthcare, and agriculture.
Just like the misplaced confidential funds, the Senate deputy minority leader said an SWF is “an unnecessary and unjustified move.” The senator further warned this type of investment fund will falter in an oil-dependent nation like the Philippines, unlike its oil-rich neighbor Indonesia. She further cited Bangko Sentral ng Pilipinas Governor Felipe Medalla’s warning that the Philippines would need more dollar reserves for the foreseeable future and not less, considering that the country’s trade deficit is now at seven percent.” Gumegewang ang piso. Malinaw na walang sobrang dollar reserves na pwedeng i-subi para sa gustong Maharlika Fund ,” she said.
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