The proposed P275-billion Maharlika Wealth Fund (MWF) wasn't the idea of President Ferdinand "Bongbong" Marcos Jr. per se.
Senior Deputy Majority Leader and Ilocos Norte 1st district Rep. Sandro Marcos gave this clarification Monday, Dec. 5 during a chance interview on the sidelines of the second and final Bicameral Conference Committee meeting on the proposed 2023 General Appropriations Bill (GAB).
"Well if you think about it, this isn't a new idea. Sec. (Benjamin) Diokno already said they were looking at it during the time of Duterte. If I'm not mistaken, former Senator Bam Aquino filed a bill in 2016 trying to do the same thing," Rep. Marcos said.
"My guess is because hindi naipasa dahil patapos na 'yung administrasyon ni former president PNoy (My guess is because it wasn't passed since it was already the tail end of the PNoy administration). I believe senator JV also, nag-file ng bill. So it's not a new idea," the neophyte solon explained.
"So yes, it became apparent that the President (Marcos) was in support of creating a sovereign wealth fund but the idea did not come from him per se," Rep. Marcos said of his father.
"Because this is something that has been in the works or something that's been pushed by not even this administration but past administrations," he added.
"It just so happens na-suwertehan kami na kakasimula lang ng administrasyon (we were lucky that the administration had just started). So we have six years to hopefully be able to craft a piece of legislation that will see out and go beyond the President’s term," noted the Ilocano solon.
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https://mb.com.ph/2022/12/05/sandro-denies-railroading-of-maharlika-wealth-fund/
The proposed MWF is contained in House Bill (HB) No.6398. The MWF will essentially serve as the country's sovereign wealth fund.
"Like I said, I think part of the reason was that, of course, it's been politicized, but the whole point of this exercise is that this corporation will be free from politics. That's why it needs to be run by technocrats; wala silang interes sa pulitika (they have no interest in politics)," he said.
"Yes, the President will be chairman of the board, but...you have to look at it beyond this administration. This is not something for the next six years, this is something that will keep on going," Rep. Marcos concluded.