Cong Haresco has bold forecast on ‘Maharlika’ fund windfall

Published December 6, 2022, 9:37 PM

by Ellson Quismorio

Here’s a bold forecast on the proposed P275-billion Maharlika Wealth Fund (MWF).

Aklan 2nd district Rep. Teodorico Haresco Jr. (Wikipedia)

Aklan 2nd district Rep. Teodorico Haresco Jr. is saying that the proposed sovereign wealth fund can “easily double the growth of the Philippine economy”.

“The Maharlika Fund authored by Speaker Martin Romualdez and Senior Deputy Majority Leader Sandro Marcos can easily double the growth of the Philippine economy, spurring a strong trajectory for the country to firmly be a robust emerging country with a strong asset spread over risk-free government equities, indexed funds, and alternative investments,” Haresco said in a statement Tuesday night, Dec. 6.

The MWF is embodied in House Bill (HB) No.6398, which was approved last Dec. 1 by the House Committee on Banks and Financial Intermediaries. Haresco is a vice chairperson of the committee.

The supposed aggressive push by the House of Representatives to pass the measure before the holiday break has raised a lot of eyebrows. The timing of the MWF’s creation, as well as the usage of funds from government financial institutions (GFIs)–like the Government Service Insurance System (GSIS) and Social Security System (SSS)–have been the main points of contention.

Haresco made the case for pursuing the MWF in the current economic landscape.

“For the Philippines to become a high income and fully developed economy, we must dream of things that have yet to be and not just see things as they are now. The proposed Maharlika Investment Fund allows us to dream of a brighter future for our country,” the economist solon said.

“The creation of the Maharlika fund will benefit us now more than ever. The fund can help stabilize our country in light of global volatility and economic uncertainty. It will also allow us to maximize the long-term developmental impact of our investments – bolstering strategic sectors such as renewable energy, mining, tourism, transportation, and infrastructure,” Haresco added.

He further said that the proposed MWF has strong potential to yield some P2.1 trillion more investible funds into the economy.