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Sovereign Wealth Fund must be insulated from politics to ensure success, says PBBM

PBBM

Politics should not intervene in the implementation of the newly signed Maharlika Investment Fund law to ensure its success, President Ferdinand R. Marcos Jr. said on Tuesday.

“Ang importante sa akin, ‘yung aking nabanggit…ay napakasimple lang. Dapat ang mga desisyon na ginagawa ng mga namumuno ng Maharlika Fund ay hindi dahil sa politika, hindi dahil sa kung ano-ano pang ibang konsiderasyon, kung hindi kung ano ‘yung pinakamaganda para sa fund,” President Marcos said in a media interview during the launching of the DSWD’s food stamps program in Tondo, Manila.

“Kung ano’ng magpapatibay nung fund, ano ‘yung magpapalaki ng fund, ano ‘yung mga investment na magpapaganda doon sa fund. Iyon ang kanilang dapat iniisip. Hindi ang dapat iniisip may eleksyon bukas, may eleksyon in one year.”

Marcos told reporters that the initial proposal was that the President will be the Fund’s chair, which he thinks is not proper because he is a politician.

He also disagreed on putting the Finance secretary as its chair.

But Marcos said that since the government has interest in the Maharlika Fund it should have a representative.

“Kaya’t ang nangyari kung titingnan mo ‘yung batas, ang DOF as the ex-officio member. Kasi ang pera galing sa gobyerno. Kailangan mayroon tayong representative sa board but hindi sila ang magpapatakbo,” he pointed out.

Finance Secretary Benjamin Diokno said the Secretary of Finance will only serve in an ex officio capacity and will not run the fund and instead will be managed by the independent Chairperson of the 9-member Maharlika Investment Corp.

The President signed on Tuesday RA 11954 or the Act Establishing the MIF, the Philippines’ first-ever sovereign wealth fund.

The Fund will be invested in a wide range of assets, including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, joint ventures, mergers and acquisitions, real estate and high-impact infrastructure projects, and projects related to sustainable development. | PND

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