MANILA – President Ferdinand R. Marcos Jr. appealed to critics on Sunday to grant legislators the opportunity to establish a “perfect” version of the proposed PHP275-billion Maharlika Wealth Fund (MWF), noting that making changes to the controversial bill is part of the legislative process.
This, after the House Committee on Appropriations dropped the Government Service Insurance System (GSIS) and Social Security System (SSS) as sources of funds for the MWF following public backlash.
“We’re just doing the regular process of looking at the bill. Well, not we. It’s the legislature. So let them do their jobs. Tama ‘yan. Para gawin nilang perfect (That’s right. So they can make it perfect),” Marcos told reporters onboard a flight to Brussels, Belgium to attend the Association of Southeast Asian Nations-European Union (ASEAN-EU) Summit.
He allayed concerns over the timing and possible mishandling of the proposed MWF, saying it would be too early to debate on the provisions that could eventually be removed while the bill is being refined.
“Let’s not debate until we see the final form because we could be debating about provisions that no longer exist. So antayin natin kung ano’ng gagawin ng legislature (So let’s wait what the legislature will do),” he added.
Marcos also supported the creation of a bill to institutionalize a sovereign wealth fund as it would be a good investment vehicle to promote economic development in the country.
“For sure, I wouldn’t have brought it up otherwise… It’s very clear that we need added investment. This is another way to get that,” he said.
Earlier, the country’s economic managers, headed by Finance Secretary Benjamin Diokno, stated that the MWF is anticipated to raise investments and the funding of infrastructure projects and rural development, especially in the agricultural sector.
They said in a joint statement that the MWF is likely to enhance the country’s fiscal space and lessen fiscal pressures as the fund “pursue public infrastructure projects, as well as reduce uncertainties in cases when fund resources are channelled to high-yielding financial undertakings.”
They demanded the prompt passage of the bill establishing the MWF on the grounds that it will contribute to economic growth and assist the nation achieve “economic transformation toward inclusivity and sustainability.”
“Let us not delay economic progress. Let us not deprive our people of this opportunity for prosperity,” they said.
The economic managers likewise guaranteed that with professionals managing the proposed MWF, there will be efficient use and management of these investible public funds.
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