![[OPINION] Cash cow for corruption?](https://i.headtopics.com/images/2022/12/5/rapplerdotcom/opinion-cash-cow-for-corruption-opinion-cash-cow-for-corruption-1599712693165899777.webp)
'Please, let’s not play Russian roulette on the lives of the poor.' ThoughtLeaders Opinion
Similar to the sovereign wealth fund of other countries, the House Committee on Banks and Financial Intermediaries recently approved the proposed law of President Ferdinand Marcos Jr. creating a P250-billion Maharlika Wealth Fund. House Bill 6398 filed by Speaker Martin G. Romualdez was approved, after the panel adopted and passed the proposed amendments of the technical working group headed by Albay Rep. Joey Salceda.
As proposed, the Maharlika Fund shall be used to invest on a strategic and commercial basis in a manner designed to promote fiscal stability for economic development, and strengthen the top performing GFIs through additional investment platforms that will help attain the national government’s priority plan.
To cite an example, the Malaysia’s state-owned 1MDB investment fund has filed nearly two dozen civil lawsuits seeking $23 billion in assets allegedly looted from the two entities. The Malaysian finance ministry likewise reported that 1MDB has filed six lawsuits against 25 people and nine entities, including two foreign financial institutions. The ministry also accounts that 1MDB’s former subsidiary, SRC International, has filed 16 lawsuits against 15 people and eight entities.
Legally, the SSS and GSIS funds are personal contributions of their respective members who own the funds. Thus, the income of SSS and GSIS investible funds must benefit only their respective members. So, investing the members’ contribution so that it would benefit non-members as well is clearly illegal. Using private property for a public purpose without just compensation is illegal and unconstitutional.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
DSWD 11 distributes cash aid to 16 former rebels in DavSurThe Department of Social Welfare and Development in the region has provided P20,000.00 cash assistance to each of the 16 former rebels (FRs) in Davao del Sur, who are currently undergoing de-radica…
Read more »
Radio Veritas poll shows Pinoy Catholics eye cash as Xmas giftMost Filipino Catholics prefer to receive cash gifts this Christmas, a survey by Church-run Radio Veritas revealed on Saturday. READ:
Read more »
PLDT announces its Christmas season raffle with up to PHP 5 million in cash prize!
Read more »
Final seniors citizen’s cash assistance for the year to be distributed starting Dec. 10CEBU CITY, Philippines—A total of 88,450 senior citizens in Cebu City are set to receive their P2,000 cash assistance from the city government starting this Saturday, December 10, 2022.Vicente
Read more »
G-7, Australia join EU in adopting $60-per-barrel cap on Russian oil - BusinessMirrorWASHINGTON—The Group of Seven nations and Australia joined the European Union on Friday in adopting a $60-per-barrel price cap on Russian oil, a key step as Western sanctions aim to reorder the global oil market to prevent price spikes and starve President Vladimir Putin of funding for his war in Ukraine. Europe needed to set
Read more »
UK crime agency arrests ‘wealthy Russian’ over money laundering - BusinessWorld OnlineLONDON — Britain’s National Crime Agency (NCA) said on Saturday it had arrested a “wealthy Russian businessman” on suspicion of money laundering and other offenses as part of a crackdown on corrupt oligarchs.
Read more »