The initial funding for the proposed Maharlika Wealth Fund bill, which seeks to grow excess funds of state-run financial institutions via investments, could reach around P150 billion, House appropriations panel senior vice chairperson Stella Quimbo said.
Quimbo announced the ballpark figure less than a day after the bill's authors in the House of Representatives, including herself,the Government Service Insurance System and Social Security System , the state-run repository of pension of employees in the country, as mandatory contributors to the MWF to allay the people's concerns.
Quimbo earlier announced that with GSIS and SSS out of the picture, the MWF will be funded by state-run banks LandBank of the Philippines , the Development Bank of the Philippines , and the dividends/profits of the Bangko Sentral ng Pilipinas which amount is expected to be known during the hearing on the MWF bill before the House appropriations panel on Friday.
"The concept is good, but admittedly, we started on the wrong foot. And that's fine. We took the heat. There is no perfect bill. This was prepared by the economic managers, and of course we assumed that there were sufficient consultations. But lo and behold, when we started hearing the bill, we realized that the consultations were not enough, and obviously, at this time, it is not right to include GSIS and SSS as mandatory fund contributors," she said.
On the safeguards' turf, the lawmaker said the MWF authors also increased the number of independent MWF Board Members from two to four."The four independent members will come from the academe and the private sector," she said. "It is the first time that we are seriously considering this, so ganun talaga [na may trust issues ang public]. Birthing pains. But that is a part of our job, it is not for the fainthearted. But we should [also] keep an open mind because otherwise, hanggang dun na lang tayo. We deserve more. We deserve better," Quimbo added.
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