The national government was urged to prioritize social benefits for workers and production subsidies for the marginalized sectors, saying that this would help “boost productivity” in the country. (Unsplash) “In social benefits and production aid – these are where the Marcos administration...
While House Deputy Minority Leader and ACT Teachers Party-list Rep. France Castro on Tuesday, Dec. 6, urged President Ferdinand “Bongbong” Marcos Jr. to prioritize salary increase amid the 14-year-high inflation rate of 8 percent in November 2022, House Ways and Means chair and Albay 2nd...
The Development Budget Coordination Committee (DBCC), an inter-agency body tasked to set the government’s macroeconomic assumptions, assured that the planned sovereign wealth fund will have enough safeguards. Budget Secretary Amenah F. Pangandaman, who chairs the DBCC, assured that enough...
Senator Risa Hontiveros on Tuesday echoed the sentiments if other lawmakers who expressed concerns over a proposal creating a sovereign wealth fund, saying it is counterproductive to the nation's economic goals. Hontiveros said she believes the proposed "Maharlika" wealth fund is better used to...
Senior Deputy Speaker and former president Gloria Macapagal-Arroyo has bared what she believed was the upside to institutionalizing a Philippine sovereign wealth fund. Senior Deputy Speaker Gloria Macapagal-Arroyo There is a serious push from the House of Representatives right now to set up the...
FINDING ANSWERS Former Senator Atty. Joey D. Lina It’s not surprising why the proposal to put up a sovereign wealth fund called Maharlika with a seed money of ₱275 billion is facing stiff resistance from many sectors for a variety of reasons. Foremost among them is the perceived susceptibility...
The Philippines should "take advantage" of its newfound tag as "rising star of the Association of Southeast Asian Nation (ASEAN) region" by institutionalizing a sovereign wealth fund. Thus, said Ilocos Norte 1st district Rep. Sandro Marcos, one of the authors of House Bill (HB) No.6398 or the...
The House tax panel approved on Monday, Dec. 5, the tax provisions of the proposed House Bill (HB) No. 6398, or the Maharlika Investment Fund Act, which will ensure that tax benefits go to the investment fund rather than line the pockets of executives and other officials. Albay 2nd district Rep....
Various business and think tank groups have strongly opposed the planned Maharlika Wealth Fund (MWF), a Philippine government version of a Sovereign Wealth Fund (SWF), stating the proposal under House Bill 6398 will not amount to wealth creation but instead puts at risk peoples’ pension money in...
Some senators on Monday, December 5 have expressed their reservations about the propsoed Maharlika Investment Fund (MIF) noting it is a “high-risk, high reward” endeavor. “Thus, there should be safeguards and limitations on investment into riskier endeavors,” Senator Sonny Angara, chairman...
The Department of Finance (DOF) expects the proposed sovereign wealth fund will be passed into law within the first semester next year despite oppositions seeking to block its creation. Finance Secretary Benjamin E. Diokno said on Monday, Dec. 5, said the proposed bill creating the Maharlika Wealth...
Senior Deputy Majority Leader and Ilocos Norte 1st district Rep. Sandro Marcos refuted claims Monday, Dec. 5 that the proposed P275-billion Maharlika Wealth Fund (MWF) is being "railroaded" in the House of Representatives. Ilocos Norte 1st district Rep. Sandro Marcos (Facebook) "It wasn't...
