Once again, Albay 2nd district Rep. Joey Salceda felt compelled to respond to a known personality’s comment on the proposed P275-billion Maharlika Wealth Fund or MWF.
The latest personality happens to be former Supreme Court Associate Justice Antonio Carpio, who reportedly opined that the process involved in the MWF could be “unconstitutional”.
Essentially a Philippine sovereign wealth fund, the MWF will tap government financial institutions including the Government Service Insurance System and the Social Security System for seed money to that would be used by the State for investments. “This is taking of private property for a public purpose without just compensation, which is unconstitutional,” read Carpio’s statement, as shared by Salceda to House reporters.
“So, the income of the wealth fund in proportion to the GSIS and SSS equity redound to the GSIS and the SSS. The purpose of the SWF is public, but the distribution of profits will operate like any other GSIS or SSS investment,” explained Salceda.
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.
'Maharlika' fund won't end up like Malaysia's 1MDB; Salceda explains whyThe proposed P275-billion Maharlika Wealth Fund (MWF) has enough safeguards in it to prevent its embezzlement a la the 2016 1Malaysia Development Berhad scandal or 1MDB scandal in Malaysia.
Read more »
Salceda allays BSP Gov Medalla's fears over 'Maharlika' fundBangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla has expressed concerns over the proposed Maharlika Wealth Fund (MWF)–concerns that Albay 2nd district Rep. Joey Salceda, a proponent of the controversial measure, wants to chase away.
Read more »
Salceda welcomes further discussion on proposed Maharlika FundAlbay Representative Joey Salceda on Saturday said he would welcome further discussion on the proposed law establishing the Maharlika Investment Fund (MIF) to be made up of pooled investible state assets.
Read more »
Salceda: Plan 1k7k to raise minimum wage to P1000, cut energy cost to P7/KWhHouse Ways and Means panel chairperson Joey Salceda of Albay said on Friday that he had discussed his plan to increase the minimum wage to P1,000 by reducing energy costs to P7/kilowatt-hour.
Read more »
Imee Marcos, senators question P275-B Maharlika Wealth Fund proposalThe President's sister is not too keen on the bill being pushed by her cousin and nephew in Congress.
Read more »
Senators vow to scrutinize proposed Maharlika Investment Fund billMANILA, Philippines — Senators vow to take steps to scrutinize the Maharlika Investment Fund bill, a measure to create a sovereign wealth fund (SWF). Senate President Miguel Zubiri,
Read more »