A House panel has “approved in principle” a measure seeking to create a state-owned sovereign wealth fund aimed at maximizing the profitability of investible government assets. | JMAurelioINQ /PDI
House banks and financial intermediaries panel chair Rep. Irwin Tieng approved the motion, while referring the same bill to the House ways and means committee for its tax provision and the House appropriations panel for its budgetary provision.
The proposed Maharlika Wealth Fund will be an investment fund with resources primarily drawn from contributions from the Government Service Insurance System , Social Security System , Land Bank of the Philippines, and Development Bank of the Philippines . Subsequent annual contributions may come from the Bangko Sentral ng Pilipinas, Philippine Amusement Gaming Corp. and the national budget.
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