Marcos says Maharlika Wealth Fund to benefit PH: I wouldn’t have brought it up otherwise

Pia Gutierrez, ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="President Ferdinand Marcos Jr. delivers a speech at the contract signing of the construction for the Metro Manila Subway Project’s (MMSP) Quezon Avenue and East Avenue Station, as well as the Anonas and Camp Aguinaldo stations. Jonathan Cellona, ABS-CBN News/pool" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/tvpatrol/12/12/20221103-marcos-japanese-subway-signing-jc-0744.jpg"/><figcaption>President Ferdinand Marcos Jr. delivers a speech at the contract signing of the construction for the Metro Manila Subway Project’s (MMSP) Quezon Avenue and East Avenue Station, as well as the Anonas and Camp Aguinaldo stations. <em>Jonathan Cellona, ABS-CBN News/pool</em></figcaption></figure></div><p>MANILA - President Ferdinand Marcos Jr believes establishing a Philippine sovereign wealth fund would benefit the country’s economy. This, amid strong objections raised by various sectors, including economists, major business groups and the academe.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/video/business/12/06/22/may-pagka-scam-think-tank-blasts-maharlika-fund">&#x27;May pagka-scam&#x27;: IBON Foundation blasts proposed Maharlika wealth fund</a> </li>	<li><a href="https://news.abs-cbn.com/business/12/12/22/congress-urged-let-bsp-reach-p200b-capitalization-before-funding-maharlika">Congress urged to let BSP reach P200B capitalization before funding Maharlika</a></li>	<li><a href="https://news.abs-cbn.com/business/12/07/22/gsis-we-wont-use-pension-funds-for-maharlika">GSIS clarifies: Investible funds, not pension funds to be used in Maharlika proposal</a></li>	<li><a href="https://news.abs-cbn.com/news/12/05/22/marcos-arroyo-say-sovereign-wealth-fund-was-bam-aquinos-idea">Marcos, Arroyo say sovereign wealth fund was Bam Aquino&#x27;s idea</a></li></ul><p>Speaking for the first time on the issue, President Marcos Jr confirmed that he was the one who first broached on the idea of establishing the Maharlika Wealth Fund, as an additional source of investments for the country.</p><p>“For sure, I wouldn’t have brought it up otherwise. It’s very clear that we need added investments. It’s another way to get that,” the President told reporters in an interview en route to Brussels, Belgium to attend the ASEAN-EU Commemorative Summit.</p><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2362560" width="100%"></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><p>Marcos Jr’s economic managers earlier said that the creation of the Maharlika Wealth Fund will allow the administration to achieve its “objectives for inclusive and sustainable economic growth,” and will also help fund big-ticket infrastructure in agriculture and boost countryside development.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/video/spotlight/12/01/22/philippine-sovereign-wealth-fund-napapanahon-na-ba">Philippine sovereign wealth fund hindi pa napapanahon, ayon sa mga ekonomista</a></li></ul><p>The President meanwhile declined to comment on criticisms on the MWF, particularly on the timing of its creation. </p><p>&quot;Let’s not debate until we see the final form, because we could be debating about provisions that may no longer exist. Antayin natin kung anong gawin ng legislation,&quot; he said.<br/> <br/>Proponents of the proposed Maharlika Wealth Fund earlier removed provisions that would require funds from Government Service Insurance System (GSIS) and the Social Security System (SSS) following backlash from the public. Marcos Jr was also removed as chair of the fund’s governing board.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/12/09/22/maharlika-fund-seed-capital-cut-by-more-than-half">&#x27;Maharlika fund&#x27; seed capital cut by more than half</a></li></ul><p>The President however says he would be leaving it to lawmakers to come up with the most perfect version of the measure. </p><p>“They’re doing the regular process of looking at the bill, but not me. It’s the legislature. Let them do their jobs. Tama yon, para gawin nilang perfect,” he replied.</p>

Speaking for the first time on the issue, President Marcos Jr confirmed that he was the one who first broached on the idea of establishing the Maharlika Wealth Fund.

Marcos says Maharlika Wealth Fund to benefit PH: I wouldn’t have brought it up otherwise | ABS-CBN

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Marcos says Maharlika Wealth Fund to benefit PH: I wouldn’t have brought it up otherwise

Marcos says Maharlika Wealth Fund to benefit PH: I wouldn’t have brought it up otherwise

Pia Gutierrez,

ABS-CBN News

Published Dec 12, 2022 10:44 AM PHT

|

Updated Dec 12, 2022 11:01 AM PHT

Read More:

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bongbong marcos

maharlika wealth fund

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