Here’s the opinion of Risa Hontiveros on the Maharlika Wealth Fund
RISA HONTIVEROS – The senator gave her opinion about the controversial Maharlika Sovereign Wealth Fund (SWF).
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.
Senator Risa Hontiveros gave her opinion about the controversial Maharlika Sovereign Wealth Fund (SWF). According to her, it is contrary to the country’s economic goals. She added that the budget can be better used in meeting needs such as education, health care, and agriculture.
In a statement, she said: “An SWF is meant to come from excess funds we just don’t have, as seen by our trillions-worth of debt. We don’t need an SWF and we clearly can’t afford it anyway. Kakain lang itong SWF sa budget na kailangan natin para tugunan ang mga krisis. Dapat unahin ang mga urgent priorities natin. Just like the misplaced confidential funds, an SWF is an unnecessary and unjustified move,” she said.
According to Sen. Risa Hontiveros, prices of basic goods will soar high if this proposal goes through. “Instead of helping Filipinos afford everyday needs, we will be making it even harder for everyone,” she said.
The senator said this type of investment fund is dangerous in an oil-dependent country like the Philippines, unlike its oil-rich neighbor Indonesia.
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