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Now is 'high time' to create Maharlika sovereign wealth fund says DBM chief

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Jekki Pascual, ABS-CBN News

<p>MANILA - Budget Secretary Amenah Pangandaman said on Wednesday it was &quot;high time&quot; for the Philippines to create its own sovereign wealth fund</p><p>At the Kapihan sa Manila Bay, Pangandaman said that despite global economic headwinds, it was still a good idea to set up the Maharlika Investment Fund (MIF), especially after lawmakers <a href="https://news.abs-cbn.com/business/12/07/22/sss-gsis-natl-budget-dropped-from-maharlika-fund-solon">revised</a> the proposal following criticism of the measure. </p><p>&quot;Sinasabi natin it&#x27;s high time to have one. So for me, let&#x27;s just follow the process. Any measure, program, law that will help our budget, given our limited space right now, is welcome news for me,&quot; Pangandaman said. </p><p>Proponents of the MIF recently removed the Social Security System and the Government Service Insurance System as contributors due to concerns over the risk to these pension funds. </p><p>Pangandaman said the MIF would be protected from corruption by internal and external auditors, an advisory council, and oversight from Congress.</p><p>&quot;When I saw it, kulong na kulong naman ang pondo na ito, pwede na to magamit. (It&#x27;s really guarded, we can use it) I think it&#x27;s present. We don&#x27;t have to be so scared,&quot; said Pangandaman.</p><p>She also said that a study by an international think tank backs the creation of a wealth fund.</p><p>&quot;Milken Institute of Singapore–they will soon release a report. I think their report will say that the time is now. We don&#x27;t have to wait for it and to start and create our own sovereign wealth fund,&quot; said Pangandaman.</p><p>The Budget chief said there are over 100 countries with sovereign wealth funds. She said Indonesia created its own sovereign wealth fund in the middle of the pandemic with a capital of $5 billion. </p><p>&quot;Now after 2 years, it&#x27;s $22.5 billion,&quot; Pangandaman said.</p><p>Meanwhile, an official of the Asian Development Bank also said operating a sovereign investment fund can help an economy. </p><p>“The benefit of the sovereign wealth fund is that it can help deepen the domestic capital market. It creates a large institutional investor, and that allows mobilization of savings within the economy for long term investments including infrastructure,” said ADB Philippines Country Director Kelly Bird. </p><p>President Ferdinand Marcos Jr&#x27;s economic managers, including Finance Secretary Benjamin Diokno, earlier released a statement backing the proposed MIF.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/12/09/22/economic-managers-push-for-maharlika-fund-cite-need-for-progress">United front: Marcos&#x27; econ managers say Maharlika fund essential for progress</a></li></ul><p>The proposal however has been criticized by economists and business groups who cited the country&#x27;s high debt-to-GDP ratio, global economic headwinds, and weak rule of law.</p><p>National Scientist in Economics Raul Fabella earlier warned against rushing the passage of the bill.</p><p>Some analysts have also called for clarity on what kind of sovereign wealth fund the country wants to establish and the goals it aims to achieve.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/12/12/22/marcos-says-he-broached-idea-of-maharlika-wealth-fund">Marcos says Maharlika Wealth Fund to benefit PH: I wouldn’t have brought it up otherwise</a></li>	<li><a href="https://news.abs-cbn.com/business/12/12/22/natl-scientist-in-economics-warns-against-rushing-to-pass-maharlika-fund-bill">Urgency to pass Maharlika fund &#x27;very disturbing&#x27;, says nat&#x27;l scientist in economics</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/lWFUzA8UUdI?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div><div> </div>

Budget Secretary Amenah Pangandaman said on Wednesday it was 'high time' for the Philippines to create its own sovereign wealth fund

Now is 'high time' to create Maharlika sovereign wealth fund says DBM chief

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Now is 'high time' to create Maharlika sovereign wealth fund says DBM chief

Jekki Pascual,

ABS-CBN News

Published December 14, 2022 04:40 PM PHT

Read More:

DBM

amenah pangandaman

kapihan sa manila bay

maharlika investment fund

sovereign wealth fund

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