Senior Deputy Majority Leader and Ilocos Norte 1st district Rep. Sandro Marcos refuted claims Monday, Dec. 5 that the proposed P275-billion Maharlika Wealth Fund (MWF) is being "railroaded" in the House of Representatives.
"It wasn't railroaded, it goes through a process," Marcos told reporters on the sidelines of the second and final Bicameral Conference Committee meeting on the proposed 2023 General Appropriations Bill (GAB).
"First reading, committee, committee report, second reading, third reading. That's the process. So kapag dumaan sa proseso (So if it went through the process), how is it railroaded?" asked the presidential son.
"Do you know how many bills were filed within a week, approved on committee level, and are for second reading this week? I'll tell you it's more than the sovereign wealth fund," he added.
The proposed MWF is embodied in House Bill (HB) No.6398. Marcos is one of the authors of the measure, filed last Nov. 28.
It was "approved in principle" by the House Committee on Banks and Financial Intermediaries on Nov. 29. On Dec. 1, the same panel approved a version of the bill that underwent revision by a technical working group (TWG).
If enacted, the MWF will practically serve as the Philippine sovereign wealth fund, which the State can use to make investments in order to raise funds for big-ticket projects.
The neophyte congressman further denied that HB No.6398 hasn't undergone public consultation so far.
"That's not true. The GSIS (Government Service Insurance System) and all the corporations were in the technical working group (TWG) participating in the process. Mayroon namang people's participation in every TWG eh (There is people’s participation in every TWG)," he said.