The proposed sovereign wealth fund dubbed as Maharlika Wealth Fund which aims to maximize the profitability of government assets is seen to be up and running within six months after the measure creating it is enacted into law, Finance Secretary Benjamin Diokno said Wednesday.
During the Kapihan sa Manila Bay news forum, Diokno said the establishment of the Maharlika Wealth Fund “has been the imprimatur of the President.”
On Monday, House Speaker Martin Romualdez filed House Bill No. 6398 that seeks the creation of the Maharlika Wealth Fund. The Finance chief said the Philippines will pattern the Maharlika Wealth Fund from other countries which have sovereign wealth funds such as Singapore, Malaysia, Indonesia, Australia, and Norway.
Under the proposed measure, the Maharlika Wealth Fund would initially draw investments from GSIS , SSS , Landbank , DBP and national government . “Anybody who’s willing to invest in the fund is welcome. It could be an international, private sector,” he added.
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