President Ferdinand Marcos Jr. on Monday expressed his support for the creation of a multibillion-peso Maharlika Wealth Fund (MWF) and urged the public to let lawmakers come up with a “perfect” version of the bill before debating its features. READ:
President Ferdinand Marcos Jr. on Monday expressed his support for the creation of a multibillion-peso Maharlika Wealth Fund and urged the public to let lawmakers come up with a “perfect” version of the bill before debating its features.
This was the first time the President spoke in public about the fund, which some business groups and academics have criticized.Mr. Marcos also allayed public fears over the possible misuse of government funds in the MWF. He said Congress was going through “the regular process” of working on the bill to create the fund.“Let’s not debate until we see the final form because we could be debating about provisions that no longer exist. So, let’s wait what our legislatures will do,” he added.
The latest version also earmarks 20 percent of the fund’s income for social welfare programs, as proposed by Marikina Rep. Stella Quimbo, one of its authors. “We will look at the House version, and of course, possibly add amendments to assuage the worries of our kababayans that there would be leakage, corruption,” Zubiri added.
Political leaders in the House of Representatives crossed party lines Monday to endorse the creation of the MIF. “The proposal of Speaker Martin will be a big help to our country and to every Filipino,” Robes said. Lawmakers have also removed a provision in the bill that makes the President the chairman of the board of directors, which they conceded could politicize the fund.
Twelve business associations and economic policy groups have expressed concern over the fund, citing its lack of justification. In a joint statement, they said in the near and medium term, the MWF is seen to enhance the country’s fiscal space and reduce fiscal pressures as the fund “pursue public infrastructure projects, as well as reduce uncertainties in cases when fund resources are channeled to high-yielding financial undertakings.”
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