Senate set to scrutinize Maharlika Wealth Fund; House touts safeguards - BusinessMirror

SENATORS were expected to mount an inquiry into the proposed use and safeguards for the P275-billion Maharlika Wealth Fund bill, which their counterparts in the House of Representatives are rushing, amid mounting concern over the use of workers’ pension funds to seed the facility.

Estrada clarified at the outset he is not against approval of the proposed Maharlika Wealth Fund , but added, “we still have to see the need for it.” Estrada expects “a lot of questions” can be raised. “First of all, where will they get the money? Second, is it safe or is it risky? If they’re going to get it from GSIS, SSS, are we going to risk the pensions of our pensioners? Why are we rushing to approve this before we go on vacation [Christmas break], when we still have lots of questions on that Maharlika Wealth Fund,” he added, partly in Filipino.

“We only have two weeks to go and this entails a lot of funds, this amounts to P275 billion. It took us three weeks to go over the national budget, what more this P275 billion?,” he said, adding, “I think that can wait.” Under House Bill 6398, Government Service Insurance System , Social Security System, Land Bank of the Philippines, the Development Bank of the Philippines, and the national government are mandated to invest equity with a combined total of P270 billion to start up the fund.

Speaker Martin Romualdez has explained that the creation of MWF will provide an “opportunity to ensure their respective funds’ optimal asset allocation as well as ensure that resources are efficiently channeled to investments that will provide the most value not only to the participating GFIs but also to the country.

“The TWG also ensured that the BSP’s operations, rule-making, and enforcement power was not, in any way, curtailed,” said Salceda. According to Salceda, the Malaysian central bank had warned the Central Government about the risks 1MDB was taking as early as 2014.

Philippines Latest News, Philippines Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Senate to go over wealth fund, House ensures further debatesSenators resume their scrutiny of the proposed Maharlika Wealth Fund on Monday even as its staunch advocate in the House
Source: MlaStandard - 🏆 20. / 55 Read more »

Senators air caution on proposed creation of wealth fund endorsed by House panel - BusinessMirrorEven as a House committee endorsed quickly the proposal to set up a Maharlika Sovereign Wealth Fund, three senators have expressed caution in tackling the proposition to avoid the pitfalls of similar funds in other countries. Minority Senators Koko Pimentel and Risa Hontiveros said that while the avowed purpose of creating such a facility was
Source: BusinessMirror - 🏆 19. / 59 Read more »

Guanzon worries about Maharlika fund: ‘Baka Tallano gold na naman yan?’P3PWD Party-list Rep. Rowena Guanzon warned against the creation of the controversial P275-billion Maharlika Wealth Fund (MWF) by the Marcos administration, likening it to the mythical Tallano gold said to be in possession of the Marcos family. Buangzon PWD part-list representative? Hahaha Guanzon is not a rep of a party list. Hindi siya pinayagan ng SC maupo. Dahil binaboy niya ang party list law
Source: manilabulletin - 🏆 25. / 51 Read more »

'Unconstitutional?' Salceda defends 'Maharlika' fund amid Carpio's commentsOnce again, Albay 2nd district Rep. Joey Salceda felt compelled to respond to a known personality’s comment on the proposed P275-billion Maharlika Wealth Fund or MWF.
Source: manilabulletin - 🏆 25. / 51 Read more »

[ANALYSIS] ‘Maharlika Fund’ ni Marcos, kukunin sa pensiyon at buwis mo?'Kung ordinaryong taxpayer ka, baka mapunta sa wala (o bulsa ng iilan) ang perang pinaghirapan mo.' Opinion Mga hayop kayong 3 Think coco levy fund jcpunongbayan Hindi ako papayag. Kahit may autoimmune ako I will go to the streets to protest this.
Source: rapplerdotcom - 🏆 4. / 86 Read more »

Cong Joey responds to Imee's worries on 'Maharlika' fundAlbay 2nd district Rep. Joey Salceda said Saturday, Dec. 3 that he would welcome further discussion on House Bill (HB) No.6398 or the proposed Maharlika Wealth Fund (MWF) from the upper chamber.
Source: manilabulletin - 🏆 25. / 51 Read more »