President Ferdinand "Bongbong" Marcos Jr. has allayed lingering concerns over the proposed Maharlika Investment Fund, saying it will be independent from government and will be managed by finance experts.
President Ferdinand 'Bongbong' Marcos Jr. (Noel Pabalate)
Marcos recognized that there have been cases of unsuccessful investment funds, and pointed out that management is crucial to any fund's success.
"Of course all of these things can happen, we've seen them happen before because the management shows for it to happen itong mga iskandalo na nakikita natin sa ibang lugar (these scandals that we are seeing in other places). On the other hand, we see examples of really successful funds and really the difference is the management and that's why we have made sure that it is independent from government," Marcos said in a media interview on Thursday, June 22.
He said that one of the first changes that he proposed to the House was to remove the President, Central Bank Chairman, and the Department of Finance as part of the board "because it has to operate as an independent fund well-managed professionally."
"'Yan ang susi diyan, kung korap ang ilalagay mo diyan, korap talaga 'yan, mawawala yung pera. Kung mahusay ang ilalagay mo diyan ay lalaki at lalaki 'yan at magagamit natin yung pondong 'yan (That's the key there, if you put a corrupt there then it will really be corrupt. If you put a professional there, then the fund will grow and we will be able to use it)," Marcos said.
The President did not dismiss the lingering fears from the public, saying "you must worry about that" but the only way that the fund will not get into trouble is for it to be "well and professionally managed."
"And so one of the elements that makes that happen is there's a very clear independence from the day-to-day government functions. Those decisions are not made by political decisions in government. The decisions made for the fund are made by finance professionals," he said.
He stressed that the secret to its success is who to put in management, what is their experience, reputation, and success rate.
He added that "we have quite a few good managers, financial managers there that we can call upon."
As to its signing, Marcos said he will sign it once the bill reaches him.
"That's where we are now, if the Maharlika Fund, if the bill comes before me I will sign it," he said.