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Independent minority solon, Albay 1st district Rep. Edcel Lagman asked this question Saturday, Dec. 10 after it was learned that the composition of the board of directors of the proposed Maharlika Wealth Fund Corporation has been overhauled.
“From the President to his alter ego, the finance secretary, to chair the Maharlika investment corporation – what is the difference?” Lagman said in a statement. The MWFC will oversee the use of the MWF, which is essentially a sovereign wealth fund akin to those from the Philippines’ Association of Southeast Asian Nation neighbors.
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Quimbo: Initial Maharlika funding around P150 billion sans GSIS, SSS contributionThe initial funding for the proposed Maharlika Wealth Fund (MWF) bill, which seeks to grow excess funds of state-run financial institutions via investments, could reach around P150 billion, House appropriations panel senior vice chairperson Stella Quimbo said Thursday.
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