Concerned Filipinos are adding their voices to economists and Philippine officials,who have expressed their opposition to the proposed legislation,creating a P250-billion sovereign wealth fund,now being rushed for approval in the House of Representatives.
CONCERNED Filipinos are adding their voices to economists and Philippine officials who have expressed their opposition to the proposed legislation creating a P250-billion sovereign wealth fund, now being rushed for approval in the House of Representatives.titled, “Hands off our SSS and GSIS contributions, NO TO House Bill 6398!” already picked up 16,121 signatures as of press time, exceeding its initial target of 15,000.
This developed as Bangko Sentral ng Pilipinas Gov. Felipe Medalla was cool to the idea of creating the Maharlika Wealth Fund , as proposed in House Bill 6398, warning of the dangers of anotherThe fund’s creation has been supported by Finance Secretary Benjamin Diokno, a former central bank governor, who even backed the use of gross international reserves and overseas Filipino worker remittances as seed money for said fund.
“To me, the experience of 1MDB of Malaysia is the biggest risk. Even if the current guys are okay, will the guys five years from now still be okay? It’s a governance issue.”On Friday, 2nd district Albay Rep. Joey Salceda, chair of the technical working group refining HB6398, released revised provisions in the proposed legislation meant to allay concerns of the public, economists, and fellow lawmakers. Primarily pushed by House Speaker Rep.
Other co-authors of the controversial bill include Reps. Jose “Mannix” Dalipe, Stella Luz A. Quimbo, Yedda Marie K. Romualdez, and Jude A. Acidre.In an interview with Bloomberg TV, Medalla said, “To me, the experience of 1MDB of Malaysia is the biggest risk. Even if the current guys are okay, will the guys five years from now still be okay? It’s a governance issue.” Under a revised provision of HB 6398, the President of the Philippines, now Ferdinand Marcos Jr.
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