Trust and the sovereign wealth fund MBOpinions READ:
At last, the proponents of the controversial House Bill 6398 heeded the voice of the people, most of them pensioners from the Government Service Insurance System and the Social Security System . They are wage earners and ordinary employees who feared that their hard-earned savings were being taken away from them to be invested in real and financial assets, which to them meant potential risks.
Generating revenue for a cash-strapped country is a good idea, but an initiative with such an enormous outlay, larger than any investment the country had made in the past years, is bound to elicit skeptical comments and suspicions. Especially from pensioners who rightly expressed that the funds are theirs, not government’s.
As with most investments like this one, there are positive attributes that could make them attractive to venture some investors who have lived with risks and uncertainties. It just happened that in this case, a considerable number of the fund would come from pensions of ordinary employees.
Too, with global recession, rising inflation, rising interest rates, and with climate change as a priority challenge, the Maharlika sovereign wealth fund may encounter difficulty in attracting investors. The experience of Norway which is reported to have made one of the largest investments in sovereign wealth fund, is an example. It lost $174 billion because of a plunge in value of its technology and is only recovering its loss today.
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