Sen. Imee Marcos Regionment – Re: Proposed Maharlika Wealth Fund
With all due respect to our bankers and economists who have recommended the measure, I think creating a sovereign fund at this time of gargantuan debt and an impending world recession seems heedless and extremely risky.
Ang laki-laki pa ng utang natin sa ating mga healthcare workers at senior citizens, sa retirement benefits ng mga sundalo, pulis, at iba pa.
May pang-sugal pa tayo? At bakit isusugal ang pondo ng retirement sa GSIS at iba pa, sa panahong mismo ang World Bank nagsasabing bagsak ang ekonomiya lalo sa gitna ng 2023?
Kung may pang-invest talaga tayong pera, di ba dapat sa pag-imbak ng tubig, pag-sasaayos ng kuryenteng mahal, at bagsakan ng pagkaing abot- kaya?
Historically, a sovereign fund is established when a country receives a windfall, like Norway whose model fund began with the North Sea oil and gas profits.
To be fair, I have not read the bill, but in Norway, the fund is managed by its Central Bank in behalf of the Ministry of Finance.
Who and how the fund will be managed is another area for serious discussion.
After all, Malaysia’s 1MDB, besides Singapore’s Temasek, is the single other sovereign fund in ASEAN.
And we know too well the catastrophic result of that experiment – nilustay ang $1 billion at binagsak ang gobyernong Najib Razak kasama ng dambuhalang partido ng UMNO!