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Senator Imee Marcos Maharlika Wealth Fund

On Friday, Senator Imee Marcos expressed hesitation about the notion of creating a sovereign wealth fund that would generate income for the government.

Marcos stated that the Maharlika Wealth Fund (MWF) being promoted in the Lower House is giving her anxiety in light of the nation’s current economic situation and the impending global crisis, even if she has not yet carefully examined House Bill (HB) No. 6398.

“I’m kinakabahan sapagka’t sa panahong ito na ang sama ng ekonomiya pati ang World Bank sabi bagsak na bagsak sa susunod na taon sa 2023,” the speaker said. Lalala pa raw sa kalagitnaan. Ko Diyos! I’m worried because the economy is currently weak and even the World Bank predicted a decline in 2023. In the middle, it will worsen much more (of the year). After she oversaw the delivery of Assistance to Individuals in Crisis Situations in Brgy. Valenzuela, Makati City, Marcos addressed reporters, “My God, what will happen to us?)”

She also expressed concerns about the government’s ability to manage its finances in the face of the nation’s significant foreign and domestic debt, in addition to additional commitments to domestic groups including the health sector and senior residents.

“I’m not an economist, but in my line of work, the GSIS pension fund and retirement fund were mentioned. Yata nakakatakot. “Wag naman,” Invest in supposedly high-risk assets (I’m not an economist, but I find it unsettling to wager on the GSIS pension fund). It’s frightening. Avoid doing this. “Invest in-called’ but nevertheless high-risk” products, she continued.

Speaker Martin Romualdez’s measure, HB 6398, calls for the establishment of a PHP250 billion MWF that would require government financial institutions to make early investments.

The Government Service Insurance System (GSIS), the Social Security System (SSS), the Land Bank of the Philippines (LBP), and the Development Bank of the Philippines (DBP) will each contribute P50 billion to the sovereign wealth fund’s inaugural investment (PHP25 billion).

The measure would give these government financial institutions (GFIs) the chance to make sure that their respective funds have the best possible asset allocation and that resources are effectively directed toward investments that will be most beneficial to both the participating GFIs and the nation as a whole.

Marcos acknowledged that obtaining money from GFIs is a good concept, but suggested investing it in the energy and agricultural industries instead.

“In line with the tamang pamamaraan katulad ng patubig, the nation’s dams are bulok, therefore agriculture is absent and imported food prices are high. Use your resources wisely, such as for irrigation; because of our deteriorating dams, our agricultural is suffering, and the cost of imported food is rising. Alternative energy sources are becoming more and more expensive, the member noted.

Additionally, according to Marcos, the nation might not be able to use Norway’s approach to establishing a sovereign wealth fund.

Through the sale of oil and gas, Norway, which has the largest sovereign wealth fund in the world with a value of USD250,000 per Norwegian, created its own wealth fund.

“They created a sovereign fund when they received the North Sea oil and gas income,” the statement reads. The wealth was theirs. I know you’re playing the lottery, but kumbaga. There is no longer any napapanalunan. It seems like they have won the lotto, says Nakakanerbyos. Nothing was won by us. obtaining a lottery win. Nothing was won by us. It’s stressful),” she remarked, adding that this notion needed to be properly considered first.

Romualdez claimed that in order to accomplish the goals of the Agenda for Prosperity and President Ferdinand R. Marcos Jr.’s eight-point socioeconomic roadmap, the government must “improve investment opportunities, promote productivity-enhancing investments, and ensure that the Philippines becomes an investment destination.”

Juan Miguel Zubiri, president of the Senate, announced that the Senate would investigate the planned MWF’s urgency.

Zubiri claimed he had also given related committees a task to investigate the Speaker’s proposal, which had previously received committee approval.

Senators Sonny Angara, Sherwin Gatchalian, Grace Poe, Mark Villar, and Alan Peter Cayetano, who serve as the chairs of the Finance, Ways and Means, Economic Affairs, Banks and Financial Institutions, and Government-Owned and Controlled Corporation committees, were tasked with studying the proposal and formulating their respective stances, according to Zubiri.

“First, we must confirm that the Sovereign Wealth Fund is required… If so, we must make sure it is appropriately managed and that security measures are in place to prevent misuse or corruption. Zubiri stated in his statement, “We must ensure complete transparency and effective use of this resource.

Like Marcos, Gatchalian expressed alarm over the concept, noting that if the government wants to establish the MWF, there must be complete openness and checks and balances in place.

“Corrupt practices are addressed ‘primarily by safeguards. Important safety precautions must be used. It is important to put safeguards in place, as well as professional management and openness. Safeguards can help fight corruption. The most crucial thing is to have safeguards. In an interview with Senate reporters, Gatchalian stated that the bill “must ensure that there are safeguards, as well as professional management and openness).

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