Former Senate President Franklin M. Drilon believes it’s not the right time to create the sovereign wealth fund given the pressing socioeconomic challenges in the Philippines. Know more:
FORMER Senate President Franklin M. Drilon believes it’s not the right time to create the sovereign wealth fund given the pressing socioeconomic challenges in the Philippines.
He stressed that there are many “potential infirmities” and he’s certain that debates, particularly in the Senate, would take place. “The call for the moment is to be conservative, focus on the basics especially on the basic welfare, health and education needs of the poor. Optimize the use of our natural resources no matter how small and limited, we build our resiliency for the difficult times ahead of us…and it is in that sense that I am hoping that the debate becomes rational,” Drilon stressed.
“Pooling resources from the revenues of the national government, the Central Bank’s and government-owned financing institutions’ may impact on the sustainability of the country’s welfare system and financial standing,” Barcelon said.
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