NextGen Day

Joey Concepcion, the creator of Go Negosyo and head of the PSAC’s jobs group, said that the government may collaborate with well-known figures in the business world to oversee the proposed Maharlika Wealth Fund, a sovereign wealth fund.

Concepcion stated he is “not absolutely against the Fund” during the Laging Handa public briefing on Tuesday, which can be accomplished through a public-private partnership (PPP).

“This is one method to implement public-private partnerships, in my opinion, if President Marcos believes in them. The most crucial element, in my opinion, is that all of the directors of that fund come from the private sector, are well-respected, and have a proven track record of success.

He noted that doing so would help to assuage the misgivings that many sectors have regarding the proposed Maharlika Wealth Fund, which will be run by the Chief Executive.

12 industry organizations and research tanks publicly voiced their opposition to the planned sovereign wealth fund on Monday.

The proposed Maharlika Wealth Fund violates the principles of fiscal responsibility, additionality, the solvency of social pension funds, contingent liabilities, the monetary independence of the Bangko Sentral ng Pilipinas (BSP), government involvement in the economy, and transparency, the groups said in a statement.

The Foundation for Economic Freedom, the Competitive Currency Forum, the Filipina CEO Circle, the Financial Executives Institute of the Philippines, the Institute of Corporate Directors, the Integrity Initiative, Inc., the Makati Business Club, the Management Association of the Philippines, the Movement for Good Governance, the Philippine Women’s Economic Network, the UP School of Economics Alumni Association, and the Women’s Business Council Philippines, Inc. are some of the organizations and think tanks in business.

In the same public briefing, Undersecretary Rosemarie Edillon of the National Economic and Development Authority (NEDA) claimed that nations that established sovereign wealth funds have economies that are “extremely dependent” on natural resources like minerals and oil.

These nations invested their sovereign wealth funds since these are finite resources and they want future generations to profit from their investments.

The government should make sure that the potential sovereign wealth fund is properly handled, Edillon added.

She said in a mix of English and Filipino, “We need to make sure that we really have those competent people with integrity because this is a major matter… we will trust them with our money, so we need those who we can trust.

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