MANILA, Philippines — To ensure that the proposed Maharlika Investment Fund (MIF) remains non-partisan, Ilocos Norte 1st District Rep. Sandro Marcos said on Monday that technocrats should be at
Marcos — son of President Ferdinand “Bongbong” Marcos Jr. — said during an ambush interview that while the proposed sovereign wealth fund would fall under his father’s term, it should be considered from a perspective beyond the current administration.
“Yes, the president will be the chairman of the board. But you have to look at it beyond this administration. This isn’t something for the next six years. If you look at the success of what these sovereign wealth funds have done, you cannot dispute naman. Look at Indonesia, one year pa lang silang nakatayo, ang laki na ng kita ng sovereign wealth fund nila,” he added.
“Tawag na nga sa atin, the rising star of the Asean region. So let’s use that to our advantage. Let’s make sure that if we are the rising star of the Asean region, let the proper investments come in from the proper people, and I think that the sovereign wealth fund is a conduit to be able to do that,” he added.
Alliance of Concerned Teachers Rep. France Castro also questioned whether it is ethical to use premiums from private and public employees, along with taxpayers’ money, to pump the MIF — considering that a huge chunk of the proposed SWF would come from the Social Security System and Government Service Insurance System .
Salceda is chairman of the House Committee on ways and means, while Quimbo — co-author of the bill, is senior vice chairman of the Committee on appropriations.
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