House Speaker Martin Romualdez has filed a bill pushing for the creation of a sovereign wealth fund that will improve investment opportunities for Filipinos.House Bill No. 6398, if enacted, would establish the Maharlika Wealth Fund . This would draw resources primarily from the Government Service Insurance System , Social Security System , Land Bank of the Philippines , and Development Bank of the Philippines contributions.
“Sovereign wealth funds are state-owned investment funds typically financed by a country’s surplus revenues or reserves. Governments invest these funds in an array of both real and financial assets to stabilize national budgets, create savings for their citizens, or promote economic development,” he noted.
The proposed MWF is patterned after the sovereign wealth funds of 49 countries, including Singapore, China, Hong Kong, South Korea, Malaysia, Indonesia, Taiwan, Vietnam, and East Timor.He said Singapore’s SWFs provide the financial means for the city-state “to manage its foreign reserves, defend itself and protect its sovereignty without compromising its domestic program, and augment its land-limited economic space with global investments.
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