'Will the BSP be willing to invest some of its foreign reserves into the fund? My personal view is unless we are compelled we should not,' Medalla said. 'But I’m a law-abiding person. If the law says we will, we will,' he added.
Bangko Sentral ng Pilipinas Gov. Felipe Medalla has expressed reservations over the proposed Maharlika Investment Fund, a sovereign wealth fund measure being pushed by President Ferdinand "Bongbong" Marcos Jr.'s allies in Congress.
"Even if the current guys are okay, will the guys five years from now will still be okay? To me, it’s a governance issue," Medalla said. "If they say we will take the central bank’s dollars, then what will you use now if your reserves are reduced because they’ve been taken for the wealth fund?" Medalla said.
One of the authors of the bill, House ways and means panel chairperson Joey Salceda of Albay, assured that Medalla should not be worried because BSP has a strong regulatory authority. “In sharp contrast, the BSP does not need to warn the government. The BSP can conduct enforcement action on its own,” Salceda added.
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