The bill’s authors say that the creation of the ‘Maharlika Investments Fund’ would help the Marcos administration meet its economic goals.
MANILA, Philippines – Speaker Ferdinand Martin Romualdez and several other lawmakers, including presidential son Senior Deputy Majority Leader Sandro Marcos, have filed a bill seeking to create a, the proposed fund would draw money from government pension funds and banks to invest in real and financial assets, and will be managed by the Maharlika Investments Corporation , a government-owned and -controlled corporation to be created through the measure.
The proponents of the bill have stated that the fund would follow the Santiago Principles, a list of international best practices for sovereign funds, “to ensure transparency and accountability.”The bill seeks to exempt the government financial institutions that contribute to the proposed fund from Republic Act No. 10149 or the GOCC Governance Act Of 2011. RA 10149 provides governance standards for GOCCs such as salary grades, disclosure requirements, and special audits.
“While exempt from GOCC governance, the MIF is still a public fund. As such, periodic review and oversight by Congress should be in place,” he said in a meeting of the House committee on banks and financial intermediaries on Tuesday, November 29. Regarding the tax exemptions, Salceda agreed with them, but raised concerns on how they might be exploited.Isa lang ang problema. E paano kung ‘yung presidente bumili ng 10 kotse? E di hindi siya magbabayad ngThe bill would also vest the leadership of the MIF to a single individual who holds the position of both chairperson and chief executive officer, for a term of seven years.
In their explanatory note, the bill’s authors noted that sovereign wealth funds “can also successfully be used as a tool of national strategy,” citing Singapore’s GIC Private Limited; and as a direct investment magnet, citing the experience of the Indonesia Investment Authority.. Former prime minister Najib Razak is serving a 12-year prison term for corruption.
“We are unsure of the basis of this provision…mainly because the BSP does not earn nor hold funds coming directly from overseas Filipino remittances as well as BPO revenues,” she said.
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