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Netizens compare Bam Aquino’s sovereign wealth fund proposal to the Maharlika Wealth Fund

In a separate statement, former senator Aquino confirmed that he had introduced a bill to locate sovereign wealth in 2016. He noted that the existence of such a fund is typical in countries around the world.

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Rep. Ferdinand Alexander “Sandro” Marcos of Ilocos Norte said on Monday that his father, President Ferdinand Marcos, Jr., was the driving force behind the creation of the Maharlika Wealth Fund, but that the concept of a sovereign wealth fund was first proposed by outgoing Senators Bam Aquino and JV Ejercito.

Marcos, the President’s son and the House’s Senior Deputy Majority Leader, finally spoke out about the legislation he co-authored with his uncle, Speaker of the House Martin Romualdez.

He said, “If you think about it this isn’t a new idea. Sec. Diokno already said they were looking at it during the time of Duterte. If I’m not mistaken former Senator Bam Aquino filed a bill in 2016 trying to do the same thing. I guess, my guess is because di naipasa dahil patapos na ang administrasyon ni former President PNoy I believe Senator JV also nagfile ng bill, it’s not a new idea.”

The political animosity between the Marcoses and the Aquinos dates back to the 1960s when then-Senator Ninoy Aquino and then-President Ferdinand Marcos Sr. belonged to opposing political parties. Aquino was assassinated during Marcos Sr.’s rule.

Noynoy Aquino, the late president of the Philippines, was the cousin of Bam Aquino.

Former President, now Senior Deputy Speaker, Gloria Macapagal Arroyo echoed the sentiments of the younger Marcos and expressed support for the idea of a sovereign wealth fund.

“Sovereign wealth funds are not new. Singapore, for example, has had Temasek Holdings since 1974 and the Government of Singapore Investment Corporation since 1981. There are more than 20 sovereign wealth funds in the Middle East. Even in the Philippines, the idea is not new – then Senator Paolo Benigno ‘Bam’ Aquino filed a bill to create such a fund in 2016,” Arroyo said in a statement.

In a separate statement, former senator Aquino confirmed that he had introduced a bill to locate sovereign wealth in 2016, and he noted that the existence of such a fund is typical in countries around the world.

But given the state of the country’s economy, he questioned the wisdom of starting the Maharlika Wealth Fund now.

“Pero ang tanong, tama ba ang timing?… Una, ibang iba ang ekonomiya noong 2016 at ngayon – maganda ang takbo ng ekonomiya, mataas ang economic growth, mababa ang utang ng gobyerno, at mababa rin ang inflation,” ” Aquino said.

The use of surplus budgets in sovereign wealth funds was another topic Aquino touched on.

The younger Marcos and Arroyo have both stated that the fund’s management will remain untainted by politics despite being headed by the President of the Philippines.

“The President is also chief of, he’s also head of the board of NEDA which is in charge of the economic development of our country so it’s not much different. There are so many safeguards if you look at the bill and actually Cong. Joey and the TWG on the congressional side, may exemptions naman from the GOCC and the PCC that’s already not the case, we already took that out. And if you look we will be making sure that there will be proper representation on the board, especially from the corporations from which these funds will be taken. Now like I said there are 3 auditors, there will be an internal auditor, an external auditor, and COA. That’s 3 layers of safeguards. Kumbaga may namatay na tao may 3 , there are 3 coroners checking the dead body,” Marcos said.

“The success of any fund, sovereign or private, lies in the quality of its management. In the current version of the Maharlika Wealth Fund, the President of the Philippines chairs its Governing Board. This is a powerful statement that the highest official of the land will hold himself ultimately accountable to the Filipino people for the performance of the Fund,” Arroyo said.

Both Marcos and Arroyo have stated that the fund will not involve the pensions of individuals who are members of the state pension fund. The proposed Maharlika Wealth Fund hopes to obtain funding from a variety of sources, including the Social Security System and the Government Service Insurance System, amongst others.

“Lahat ng mga proyekto na nakukulangan ng pondo doon natin makukuha sa kita ng sovereign wealth fund. Now there ang mga sinasabi ng tao na it could be taken from the pension money the GSIS and all these corporations already have investible funds. Hindi po galing sa pension, hindi po it will be taken from the investible funds that are already there. Those corporations already invest into real and financial assets through those investible funds they do not use the pension money,” Marcos said.

Netizens acknowledged Aquino’s proposal in 2016, with some saying his version was better because it didn’t cause any concerns for the people’s finances.

 

In addition, Marcos addressed the concerns that were brought up by his aunt, Senator Imee Marcos.

“I was just talking to her now. I think it’s good that she has reservations about the bill because it makes sure that the legislature is more robust. It ensures that the safeguards that she was so worried about are actually put up and that there are layers of checks and balances that ensure that the money is going in the right place,” Marcos said.

Marcos thinks it’s a good time to move forward with establishing this fund.

“The Maharlika investment fund is geared towards contributing to national development,” Marcos added.

Bam Aquinobongbong marcosGloria Arroyojv ejercitoMaharlika Wealth Fund\Martin RomualdezSandro Marcos

Written by Charles Teves

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