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Manila Bulletin devider Philippines devider National devider 'Ang gulo nila': Koko assails push for 'Maharlika' fund

'Ang gulo nila': Koko assails push for 'Maharlika' fund

Published Dec 8, 2022 12:56 pm

Senate Minority Leader Aquilino "Koko" Pimentel III assailed on Thursday, Dec. 8 the concept of the controversial P275-billion Maharlika Wealth Fund (MWF), which the House of Representatives is pursuing.

Senator Aquilino "Koko" Pimentel III (Facebook)

This, despite an apparent decision by the House leadership to remove the Government Service Insurance System (GSIS) and the Social Security System (SSS) as contributors to the planned sovereign wealth fund.

"Ang gulo nila basic na basic yan (It's a mess and yet it's so basic). “Surplus” concept and yet even without a surplus they continue to espouse a wealth or investment fund," Pimentel said in a statement, apparently referring to the measure's proponents.

The veteran highlighted the fact that the country simply has no savings.

"Ano proof na no surplus? Kaya nga tayo BAON NA SA UTANG (What's the proof that there's no surplus? That's why we're buried in debt)," Pimentel said, the emphasis his own.

Pimentel went on to troll the proponents of the MWF with his parting shot.

"The Maharlika Fund proposal is weak not only because the arguments for it are weak but the objections against it are strong," the minority leader said.

 

CLICK HERE:

https://mb.com.ph/2022/10/11/sandro-comments-on-weak-peso-offers-advice-to-pinoys/

In its original form, House Bill (HB) No.6398 of the proposed MWF Act mandates government financial institutions (GFIs) GSIS, SSS, Land Bank of the Philippines (LBP) and Development Bank of the Philippines (DBP) to put up the seed money worth P250 billion.

The remaining P25 billion will come from the National Treasurer.

On Wednesday night, Marikina City 2nd district Rep. Stella Quimbo and Ilocos Norte 1st district Rep. Sandro Marcos--two of the authors of HB No.6398--announced separately that the measure would be revised to exclude the GSIS and SSS as contributors. This move was supposedly due to public backlash, given that GSIS and SSS rely on premiums paid by its members.

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