Senate Minority Leader Aquilino Martin D. Pimentel III expressed doubts on Monday about private investment in the proposed sovereign wealth fund, saying that the interests of investors will take precedence over those of the public. READ:
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He added that sovereign wealth funds should only be established if a government has a windfall or surplus since it’s a new source of income. But there is none.nancing have proved to be a key sticking point as the legislation setting up Maharlika has evolved. The original bill proposed that Maharlika be funded mainly by the two big government pension funds and the two big state-owned banks.
“The more we study it, the more it’s clear that although the sovereign wealth funds around the world have the same name, they’re all very different. They’re different in purpose, they’re different in methodology and of course, they operate in a different context of law,” he told reporters at the end of the Davos conference.cally to Philippine conditions, and that’s what the legislators are trying to do now: to make sure that it is customized for us and it will be a good thing for us.
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