The Maharlika Wealth Fund is being pushed for approval by December 12. But will the president-led fund have enough safeguards?
With the Maharlika Wealth Fund bill speeding through the House, the question is: How do we prevent another corruption scandal?Salceda firmly held that there are enough checks to manage risks and prevent misuse of the fund.
The board would also include two independent directors coming from the private sector – either from the Philippine Stock Exchange , Bankers Association of the Philippines , or the academe. “Proponents will claim that the board seats for the SSS and GSIS would represent the workers, but it’s sham representation if rank-and-file workers and their unions and labor federations have no actual seats in the board,” he said.
“Critical to its success are the people handling the fund. The Philippines has had a history of funds mismanagement and scandals: Coco Levy, PhilHealth scandal, and SSS fund being used for politically-tainted stock purchases. [S]o yes, the Malaysian fund scandal can happen here,” he said in an interview. “We have a lot of competent finance professionals, but they cannot do much if the fund governance structure itself is politically-tainted.
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