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Is timing right for 'Maharlika' fund? Cong Joey answers

Philippines | National

Is timing right for 'Maharlika' fund? Cong Joey answers

By Ellson Quismorio

Albay 2nd district Rep. Joey Salceda has insisted that the timing is right for Congress to push for the enactment of a Philippine sovereign wealth fund, to be dubbed the Maharlika Wealth Fund (MWF).

Albay 2nd district Rep. Joey Salceda

This, despite the comments from several sectors that the MWF shouldn't be pursued at a time when the Philippines' international debt is at an all-time high.

"Yes. Now is the best time to push for the creation of the MWF," Salceda, vice chairman of the House Committee on Banks and Financial Intermediaries, said in a statement sent to House of Representatives reporters Monday morning, Dec. 5.

The proposed MWF Act is embodied in House Bill (HB) No.6398, which the particular committee approved Thursday last week.

Salceda claimed that the MWF "presents an excellent opportunity for the Philippine government to attract investments and maximize its investment decisions while securing the economic future of the country and its citizens".

"The returns that MWF will generate will be used to fund big ticket and critical infrastructure programs in support of national economic development which will ultimately benefit the Filipino," he said.

The Bicolano further said that "the favorable economic forecasts of Department of Finance (DOF), Asian Development Bank (ADB), and Moody’s for 2022 and 2023 also augur well for its creation".

"DOF cites that the country will post the highest economic growth rate at 6.5 to 7.5 percent in 2022 and 2023 in the Asia Pacific region," Salceda added.

Related Tags

timing right 120522 sovereign wealth fund mwf maharlika joey salceda

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