Senator Imee Marcos has expressed reservations about the proposed creation of a Philippine sovereign wealth fund, which a leader of the House of Representatives said was a brainchild of President Ferdinand “Bongbong” Marcos Jr.
In a statement Friday (December 2), Imee detailed her concerns about House Bill 6398 creating the Maharlika Wealth Fund (MWF). The bill was filed by her cousin, House Speaker Martin Romualdez; nephew, Ilocos Norte Rep. Sandro Marcos, and four other lawmakers.
Imee said the Social Security System (SSS) and Government Service Insurance System (GSIS) should be removed as funding sources for the MWF. Under HB 6398, each state-run pension fund must contribute an initial investment amounting to P175 billion.
“Ibang usapan ang retirement funds; dapat zero risk yan. Nauubos na nga sa inflation at taas ng presyo, kung saan pa ilalagay? Wag naman mauwi sa AFPSLAI, AMSLAI, at kung anu-ano pang ‘slai’ kung saan winaldas ang pera ng kawawang mga sundalo, noh! Hindi dapat maging state-run venture cap ito!” she said, referring to the private, non-stock and non-profit savings and loan association for uniformed personnel.
The President’s eldest sister also opposed the bill’s requirement for the Bangko Sentral ng Pilipinas to invest the foreign currency equivalent of 10 percent of remittances coming from overseas Filipino workers and another 10 percent from the contributions of the business process outsourcing industry.
“Teka, paano nadamay ang mga call center, mga BPO, at OFW remittances ng 10%, eh hindi naman pera ng BSP yan? Pera ng mga call center workers at OFW natin yan. Huwag nang bawasan ng kahit isang kusing ang pinaghirapan nila, hellow!” she said.
Imee said she was also wary of HB 6398’s provisions on investing in domestic and corporate bonds, as well as the proposed safeguards to ensure transparency in the use of the MWF.
“Sinong magsusuma ng kwenta? Saan mapupunta ang kikitain? Dapat walang magic sa kwenta!” she said.
Imee said her brother’s administration should use the proposed Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE) Act as a model for investing public funds for now. The bill, which seeks to expand the government’s lending program for small businesses, is still pending in Congress.
House Ways and Means Committee chairman and Albay Rep. Joey Salceda said during a meeting of the House Committee on Banks and Financial Intermediaries Thursday (December 1) that the creation of MWF was Bongbong’s order.
“Kailangan namin ng tulong. Utos ng Pangulo ‘to,” Salceda said, as he appealed to lawmakers to expedite the bill’s passage.
