Here’s the opinion of Bam Aquino on the Maharlika Wealth Fund
BAM AQUINO – The former senator gave his opinion about the Maharlika Sovereign Wealth Fund (SWF) that is being promoted under the administration of President Bongbong Marcos Jr.
Congress is expediting the bill establishing the P275 billion Maharlika Wealth Fund (MWF). Speaker Ferdinand Martin Romualdez, a relative of the president, and several other legislators, including Yedda Romualdez, a representative for the Tingog Party List, and Senior Deputy Majority Leader Sandro Marcos, the president’s son, are among those who authored the bill.
The Maharlika fund, as proposed, would collect P275 billion from banks and government pension funds for the purpose of investing in expensive national development projects and other assets. Senators, representatives, and economists have criticized it for having weak management controls and for potentially putting pensioners at greater risk.
In a statement, Bam Aquino, who was one of those who proposed the establishment of the SWF in 2016, said that the situation of the country was different when he was promoting the said proposal and today.
“Noong 2016, nag-file tayo ng isang batas para sa isang sovereign wealth fund (SWF) ng ating bansa. Pangkaraniwan ang pagkakaroon ng SWF sa buong mundo, at isa itong long-term na paraan upang palawigin ang yaman ng isang bansa,” he said. “Pero ang tanong, tama ba ang timing?” he added.
According to him, the country’s economy was strong in 2016 while currently, the Philippines is still recovering from the crises that happened. Aquino urged the senators to first adjust some of the provisions of the proposed SWF and put in an additional “safeguard” to make sure that the money to be used for it will not be pocketed.
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