[OPINION] Cash cow for corruption?

Similar to the sovereign wealth fund of other countries, the House Committee on Banks and Financial Intermediaries recently approved the proposed law of President Ferdinand Marcos Jr. creating a P250-billion Maharlika Wealth Fund. House Bill 6398 filed by Speaker Martin G. Romualdez was approved, after the panel adopted and passed the proposed amendments of the technical working group headed by Albay Rep. Joey Salceda.

As proposed, the Maharlika Fund shall be used to invest on a strategic and commercial basis in a manner designed to promote fiscal stability for economic development, and strengthen the top performing GFIs through additional investment platforms that will help attain the national government’s priority plan.

To cite an example, the Malaysia’s state-owned 1MDB investment fund has filed nearly two dozen civil lawsuits seeking $23 billion in assets allegedly looted from the two entities. The Malaysian finance ministry likewise reported that 1MDB has filed six lawsuits against 25 people and nine entities, including two foreign financial institutions. The ministry also accounts that 1MDB’s former subsidiary, SRC International, has filed 16 lawsuits against 15 people and eight entities.

Legally, the SSS and GSIS funds are personal contributions of their respective members who own the funds. Thus, the income of SSS and GSIS investible funds must benefit only their respective members. So, investing the members’ contribution so that it would benefit non-members as well is clearly illegal. Using private property for a public purpose without just compensation is illegal and unconstitutional.

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