Did you know Bam Aquino filed a bill in 2016 similar to Maharlika Wealth Fund?
BAM AQUINO – The opposition member and former senator proposed a bill in 2016 similar to the controversial “Maharlika Sovereign Wealth Fund” according to a US-based accountant.
The government has been receiving a heavy beating following the proposed “Maharlika Sovereign Wealth Fund.” Based on the proposal of House Speaker Martin Romualdez, the government will obtain P250 billion in funding from the SSS, GSIS, Land Bank, and other government-owned and controlled corporations (GOCC) to come up with the country’s own sovereign wealth fund.
Edwin Jamora, a US-based accountant, revealed in a Facebook post that one of the opposition’s members, former Sen. Bam Aquino, filed a similar bill in 2016. Dubbed the “Philippine Investment Fund Corporation Act,” SB 1212 aims to establish a “Philippine Sovereign Wealth Fund.” According to Aquino’s proposal, the government should set aside P200 billion from the national budget.
In a Facebok post, he noted: “So, dati na pala siyan na-propose nina Bam and JV. So, anong problema ng mga Dilawan, Kakampinks at mga Kumunista?” He’s wondering why none reacted when Aquino proposed the establishment of the SWF in 2016. Jamora also argued that the establishment of a sovereign wealth fund is a good idea to provide additional revenue to the government.
“If you remove trust issues, the possibility of corruption, and the politicization of MWF via appointees, the Maharlika Fund is a great idea,” he said. “Suppose the MWF is run efficiently, and the funds are invested in high-yielding securities, minimal fund expenses, and none of those million peso director salaries and bonuses,” he added.
He also shared that sovereign wealth funds have been successful in countries like Norway. Meanwhile, Aside from Aquino, Sen. JV Ejercito also filed a similar bill in 2018.
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