Full transparency and checks and balances must be in place if the Philippine government will push for the creation of a sovereign wealth fund, Senator Sherwin Gatchalian said.
In an interview with reporters, Gatchalian said the Philippines is "ready" for the creation of the sovereign wealth fund and that there are measures that can be established in the law to address possible corruption.
For Gatchalian, the fund manager will play an important role to protect the investments from corruption. In other countries, he said, there is a professional board and a professional manager that handles the investments. Although the funds that will be used to invest are not as huge as those from other countries with sovereign wealth funds, Gatchalian believes that there are excess funds that the government can use for its investments.
“What will fund this? Where are the 'excess revenues'?" Pimentel said when asked if the minority will support the measure filed in the House of Representatives
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