Senator Imee Marcos on Friday questioned the proposed bill seeking to create a Php 275-million Maharlika Investment fund that is being pushed in the lower house.
“To be fair hindi ko pa nababasa ‘yung bill pero kinakabahan ako sapagkat sa panahong ito, ang sama ng ekonomiya. Pati ang World Bank sabi bagsak na bagak sa susunod na taon sa 2023, sa kalagitnaan lalala pa raw. Diyos ko, paano na lang tayo,” Marcos lamented in a chance interview with the reporters.
She said the government still has looming debt and pending obligations to health workers and senior citizens, but a sovereign fund is being pushed.
House bill 6398 was written and filed by his cousin House Speaker Martin Romualdez and nephew Ilocos Norte 1st District Rep. Ferdinand Alexander 'Sandro' Marcos.
Earlier, Albay 2nd District Rep. Joey Salceda said that even President Ferdinand 'Bongbong' Marcos Jr. is pushing the passage of the Maharlika investment fund bill.
On Thursday, the House Committee on Banks and Financial Intermediaries approved the proposed bill with few adopted amendments that was introduced by the technical working group.
The Maharlika Investment fund or sovereign investment fund will be source from government financial institutions including the Government Service Insurance System (GSIS), Social Security System (SSS), Land Bank of the Philippines (Land Bank), and Development Bank of the Philippines (DBP) as well as the National Treasury.
The collected fund will be used to invest in order to raise government revenues for the improvement of social services in the country.
But Marcos pointed out that it is “scary” to gamble the retirement and pension funds on a "high-risk investment".
She cited the corruption controversy in Malaysia’s 1Malaysia Development Berhad (1MBD) as an example.
“Disaster ang nangyari sa kanilang 1MBD na na-corrupt na ang pera [sovereign wealth fund]. Ibinagsak pa ang buong pamahalaan at ‘yung partido na nagsimula sa Republika ng Malaysia. Kaya nakakatakot talaga ito,” she added.
The Senator suggested allocating the fund to aid the vulnerable sectors instead.
“Katulad ng patubig, yung mga dam natin na bulok kaya wala tayong agriculture at magtataasan ang presyo ng mga imported food. Yung ating kuyente na lumolobo din. Sana kung meron tayong pang invest, doon na natin ilagay,” she said.
Marcos further said that the government should carefully study if it is the "right time" to create the sovereign fund.
