MANILA, Philippines – Most political talk as December rolled in had been on one piece of legislation: the proposed sovereign wealth fund, or Maharlika Wealth Fund, some P275 billion that the government would pool from pension funds and banks to invest in big-ticket national projects and other assets.
But there is at least one major figure who’s been notably quiet about the Maharlika fund: President Ferdinand Marcos Jr.
The most the Palace has spoken about the controversial bill – through the Office of the Press Secretary – is via a press release that quoted not the President but an endorsement from Government Service Insurance System president and general manager Arnulfo “Wick” Veloso.
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