OPINION | Statement on the Maharlika Wealth Fund By Filomeno S. Sta. Ana III READ:
By Filomeno S. Sta. Ana IIIhe opposition to the contentious Maharlika Wealth Fund intensifies despite government concessions. To allay the widespread anger of citizens, Congress, with the consent of the Executive, is withdrawing from its bill the participation of the Government Service Insurance System and Social Security System in the MWF.
A full reading of this statement, issued before government announced the concessions, sheds light on why the bill must be fully discarded. What Emmanuel Esguerra, former director-general of the National Economic and Development Authority, told me neatly summarizes the sentiments of those who signed the statement opposing the MWF. He said: “People in Congress are debating if there are enough safeguards against mismanagement and corruption. Instead the proponents should be first made to make the case for a Sovereign Wealth Fund. There is none.
Unfortunately, HB 6398 distorts the core concept of a sovereign wealth fund, and it is an ineffective measure to address the bill’s stated intentions. The administration’s goal of promoting infrastructure spending can be more efficiently facilitated through annual appropriations, concessional lending, or public-private partnerships .
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