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Manila Bulletin devider Philippines devider National devider Maharlika Wealth Fund good for PH---Marcos

Maharlika Wealth Fund good for PH---Marcos

Published Dec 12, 2022 11:18 am

President Ferdinand "Bongbong" Marcos Jr. backed the controversial Maharlika Wealth Fund saying, it is advantageous to the Philippines.

President Ferdinand 'Bongbong' Marcos Jr. (Malacañang Photo)

Marcos, in an interview with reporters onboard the PR001 bound for Belgium, justified the creation of the wealth fund, stressing that it is a another way to get investments.

"For sure. I wouldn't have brought it up otherwise. It is very clear that we need other investment and this is another way to get that," the President said when asked if the proposed measure is advantageous to the country.

The chief executive also dismissed criticisms over the timing of the bill and the proposed sources of fund.

"Let's not debate until we see the final form because we could be debating provisions that no longer exist," Marcos said.

House Bill (HB) No.6398 or the proposed Act establishing the Maharlika Investment Fund (MIF) was filed on Nov. 28. It was branded as a "vehicle for investments." The seed money for this is P250 billion which will be sourced out from government financial institutions.

Its main authors are House Speaker and Leyte 1st district Rep. Martin Romualdez, Majority Leader and Zamboanga City 2nd district Rep. Mannix Dalipe, Senior Deputy Majority Leader and Ilocos Norte 1st district Rep. Sandro Marcos, Committee on Accounts Chairperson and Tingog Party-list Rep. Yedda Marie Romualdez, Deputy Majority Leader and Tingog Party-list Rep. Jude Acidre, and Committee on Appropriations Senior Vice Chairperson and Marikina City 2nd district Rep. Stella Quimbo.

Marcos arrived in Belgium on Monday morning, Dec. 12 for his participation in the European Union-Association of Southeast Asian Nations (EU-ASEAN) business summit.

READ MORE: A short timeline: Maharlika Wealth Fund

Related Tags

Bongbong Marcos Belgium 121222 HB 6398 Maharlika Wealth Fund President Marcos
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