A proposed sovereign wealth fund that Philippine Pres. Ferdinand Marcos, Jr. pitched to world and business leaders in Davos, Switzerland this month risks getting voided by the courts for “sequestering” dividends from state companies, a congressman said.
The so-called Maharlika Investment Fund bill, which the House of Representatives hastily approved last month, forces government-owned companies to finance it at the expense of basic social services such as health, education, food and job security, Albay Rep. Edcel C. Lagman said in a Viber message.
Michael Henry LI. Yusingo, a lawyer and policy analyst, said the bill “would definitely be questioned before the Supreme Court.” “Hence, lawmakers allied to the president should not railroad the process,” he said in a Facebook Messenger chat. Jose Ma. Clemente S. Salceda, the main proponent of the bill who is also from Albay, did not immediately reply to a Viber message seeking comment.
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