' Senate to go over wealth fund, House ensures further debates ' READ:
of Representatives assured fellow lawmakers and critics that the proposed P275-billion sovereign wealth fund would go through a congressional examination.
Estrada backed Senate President Juan Miguel Zubiri’s position to have the matter studied carefully by a select group of senators and provide the upper chamber feedback on the essence of the MWF.Meanwhile, Albay Rep. Joey Salceda said Senator Imee Marcos’s proposals regarding the Maharlika fund would still go through deliberations in both the House and the Senate.“We can discuss the mix of assets that the fund will invest in, but some allocation for foreign securities is necessary.
Estrada urged his colleagues to exercise caution, citing the case of Malaysia when its state-owned investment fund 1MDB, which was supposed to promote development, was channeled into the personal bank account of former Prime Minister Najib Razak. The fund, Salceda said, could prioritize certain investments in agriculture, infrastructure, and health care.
As House technical working group chairperson on the bill, he said he welcomed discussions on the bill.
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