A step in the right direction.
That's how Northern Samar 1st district Rep. Paul Daza described the Houae leadership's decision to amend the controversial Maharlika Wealth Fund (MWF) bill and remove the Government Service Insurance System (GSIS) and Social Security System (SSS) as sources for its funding.
“This is indeed a step in the right direction,” Daza said in a statement.
The proposed P275-billion MWF is contained in House Bill (HB) No.6398, the details of which will undergo finalization in a Committee on Appropriations hearing Friday morning.
“As I’ve previously mentioned, I’m not entirely against having a state wealth fund like the . However, we may not be able to sustain such a fund due to the current state of our economy,” he clarified.
Daza likewise appealed to his fellow legislators to also exclude the annual national budget as a source of funding.
“It is clear that the process of dialogue, stakeholder discussions, and expert consultations are leading to improvements to the bill. I hope that the national budget will also be reviewed as an SWF funding source, because I believe it does not belong there," he underscored.
Under the current version of HB No.6398, the National Treasurer will contribute P25 billion to the P275-billion start up fund.
Also under this version, the GSIS and SSS will contribute a combined P175 billion to the MWF, which will act as the Philippines' own sovereign wealth fund.