Arnold Clavio Reacts to P250-B Maharlika Wealth Fund

Here’s the reaction of Arnold Clavio on the controversial Maharlika Wealth Fund

ARNOLD CLAVIO – The broadcast journalist gave his reaction to the proposed P250-B Maharlika Sovereign Wealth Fund under the administration of President Ferdinand “Bongbong” Marcos Jr.

Arnold Clavio
Credit to the rightful owner of the photos

On Instagram, Clavio expressed his reservations about the proposed sovereign wealth fund, which will be funded by the Government Service Insurance Service (GSIS), the Social Security System (SSS), the Land Bank of the Philippines (LDP), and the Development Bank of the Philippines (DBP).

Clavio cited in his post the opinion of former Supreme Court Justice Antonio Carpio, who called the financing of Maharlika SWF ‘unconstitutional’ because it opted to use the contributions of SSS and GSIS members.

“Hindi maaaring ibigay ng batas ang kita mula sa pondo ng SSS at GSIS sa mga hindi miyembro na hindi nag-ambag sa pondo. Ito ay pagkuha ng pribadong ari-arian para sa pampublikong layunin nang walang makatarungang kabayaran, na LALABAG SA KONSTITUSYON,” he said.

Clavio called the SSS and GSIS members “kawawa” if this plan goes through. He also shared the problems encountered by some countries that have established a sovereign wealth fund, such as Malaysia.

“Sakaling ito ay matuloy kawawa naman ang 40.49 milyong miyembro ng SSS at 2.53 milyong miyembro ng GSIS na di isinama sa konsultasyon,” he said. “Sa ibang mga bansa, ang mga pondo ng sovereign wealth ay hindi rin nakaligtas sa KORAPSYON at napunta sa mga bulsa ng mga opisyal ng gobyerno,” he added.

Clavio said that it is not yet time for the Philippines to establish a sovereign wealth fund especially since the Philippines has a large debt.

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