The PCCI is now urging the government to reconsider the creation of the SWF, reversing its position last week as the first major private sector association to support the proposal contained in House Bill No. 6398, or the Maharlika Investments Fund Act.
“Our government must make sure that no action will affect our presently good credit standing, which provides us lower foreign loan ,” Barcelon said.
The PCCI’s latest policy statement was a reversal of its initial assessment of and earlier support for HB 6398, joining other private sector groups that made a similar call a day earlier to rethink the measure. These included the Financial Executives Institute of the Philippines, the Makati Business Club, and the Management Association of The Philippines.
He suggested just using P94 billion in taxes and regulatory fees collected from mining last year to bankroll the SWF. He said: “Overwhelming issues beset the Maharlika proposals like its fiscal propriety, economic timeliness, legal constraints, protection of pensioners’ and depositors’ benefits, excessive emoluments and allowances of officials, precipitate investments, tax exemptions, and magnet for corruption.”Activist groups agreed that the government should invest more in social services and production subsidies for rural workers rather than a program they said could be prone to corruption.
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