Senate Minority Leader Aquilino “Koko” Pimentel III on Monday flagged “internal contradictions” within the invoice creating the Maharlika Investment Fund amid President Ferdinand “Bongbong” Marcos Jr.’s plan to deal with it on the World Economic Forum scheduled from January 16 to twenty in Davos, Switzerland.
“Number one, is this a corporation where the profits will be given to the investors? Why will the big businesses who are organized for profits attending the Davos conference invest in a corporation where it is not for profit?” Pimentel mentioned in an interview on CNN Philippines.
“So the approved version of the Maharlika measure is very different from the initial version filed. It has shifted in concept and focus and idea. That’s why the final version accommodates different concepts which are already contradicting each other,” he added.
Pimentel reiterated that tackling the Maharlika Investment Fund is untimely because the invoice creating it “is not well thought of and it is not well written.”
GMA News Online has reached out to Presidential Communications Secretary Cheloy Garafil and the workplace of Marikina 2nd District Rep. Stella Luz Quimbo—one of many authors of the invoice—to touch upon Pimentel’s remarks however they’ve but to reply as of posting time.
Days earlier than Marcos’ journey to Switzerland, Foreign Affairs Undersecretary Carlos Sorreta mentioned the proposed Philippine sovereign wealth fund can have a “soft launch” on the WEF.
Sorreta mentioned it was Marcos’ thought to deal with the wealth fund on the worldwide convention.
In an announcement launched Sunday, Pimentel mentioned the plan to deal with the MIF on the WEF is a “ploy to force the Senate into passing” the measure.
The House of Representatives already authorized on closing studying House Bill 6608 which seeks to create the MIF.
So far, there isn’t any counterpart invoice filed on the Senate.
Earlier, Senate President Juan Miguel Zubiri mentioned they may watch for the House invoice to be transmitted to the higher chamber.
The senators will search a briefing with the Department of Budget and Management and the Department of Finance concerning the creation of the MIF.
The MIF invoice seeks to maximise the investible funds of state-run monetary establishments and finally improve public funds for nation-building.
The measure gives that the MIF could be funded by the investible assets of the Landbank of the Philippines (P50 billion), the Development Bank of the Philippines (P25 billion), and the dividends/earnings of the Bangko Sentral ng Pilipinas.
The authors initially deliberate for the investible funds of the GSIS and the SSS to be included as sources for the proposed sovereign wealth fund’s capital as nicely, an thought they later dropped after, mentioned co-author Representative Stella Quimbo, pensioners expressed their considerations.
National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan earlier mentioned he believes the institution of a sovereign wealth fund is suitable regardless of the dangers of a world recession and excessive rates of interest.
“The participation of funds like this as a vehicle for attracting resources is, I think, appropriate at this time,” he mentioned when requested if the financial situations, given the looming world recession and excessive rates of interest, have been applicable to determine the MIF, which might be tapped to finance the nation’s financial growth sooner or later.—Hana Bordey/AOL, GMA Integrated News
