The proposed Maharlika Wealth Fund (MWF) must be thoroughly studied and handled by "credible, competent, and trustworthy managers", Senator Christopher "Bong" Go said.
Go told members of the media that the creation of an MWF, a sovereign wealth fund, has yet to undergo a thorough discussion and debate in the House.
"Ang importanteng tanong dito is that who will manage? Sino ang magdadala," the senator said.
He said that the wealth fund must be handled by an effective manager.
"It should be a good manager talaga na walang masasayang na pondo," Go said.
He added that legislators should look into how the MWF will be managed without being politicized.
"Importante talaga na credible ang magdadala nito, individual, or group," the senator said.
The House Committee on Banks and Financial Intermediaries approved and adopted the amendments introduced by the technical working group (TWG) on House Bill No. 6398 on Thursday, December 1, which proposes to establish the Maharlika Investment Fund.
The funding sources shall be drawn primarily from government financial institutions to start up the fund with P125 billion from the Government Service Insurance System (GSIS), P50 billion from the Social Security System (SSS), P50 billion from the Land Bank of the Philippines (Land Bank), P25 billion from the Development Bank of the Philippines (DBP) and P25 billion from the National Treasury.
Speaker Martin Romualdez, author of the measure, said it is essential for the government to “improve investment opportunities, promote productivity-enhancing investments and ensure that the Philippines becomes an investment destination” to achieve the objectives of the Agenda for Prosperity and the eight-point socioeconomic roadmap of President Ferdinand “Bongbong” Marcos Jr.
"Sovereign wealth funds are state-owned investment funds typically financed by a country’s surplus revenues or reserves. Governments invest these funds in an array of both real and financial assets to stabilize national budgets, create savings for their citizens, or promote economic development,” Romualdez said.
He said the bill would give the GSIS, SSS, Land Bank, and DBP the opportunity to ensure their respective funds’ optimal asset allocation as well as ensure that resources are efficiently channeled to investments that will provide the most value not only to the participating government financial institutions (GFIs) but also to the country.
The TWG has introduced sufficient safeguards to ensure that the fund will be governed properly and will yield returns to pension funds and government banks. RGL with reports from PNA