Public concerns on the Maharlika Wealth Fund (MWF) are being addressed.
This was the statement given by Department of Budget and Management Secretary Amenah F. Pangandaman at the “Kapihan sa Manila Bay” media forum with veteran journalist Marichu Villanueva today, December 14.
The Budget Chief shared that the proposed fund, which the government could use to fast-track development projects aligned with the Administration’s goal for inclusive economic prosperity, is undergoing a thorough legislative process with public consultations.
In response to the public’s concerns, the House Committee on Appropriations removed GSIS and SSS as sources of funds for the MWF.
“Our legislators listened and now, they are fine-tuning the bill. I’m sure that when it gets to the Senate, the Economic Team will be called. Everyone who wants to share their amendments will be considered, so let’s respect the process of legislation,” the Budget Chief explained.
She also noted that the process of legislation will enable the public to express their suggestions to ensure that the law is created for the people: “It’s democracy at work.”
Additionally, she emphasized that there are safeguards put in place to uphold accountability and transparency in managing the MWF. These include abiding by the Santiago Principles of the International Working Group of Sovereign Wealth Funds and an executive department reportorial requirement which will be implemented together with congressional oversight.
“Any measure, program, or law that will help our budget given our limited [fiscal] space right now is welcome news for me and the DBM. So we will support the creation of the wealth fund,” Pangandaman ended.
The proposed wealth fund has been studied since the pandemic as a way to expand fiscal space and ensure the country’s stability as inspired by the Indonesia Investment Authority (INA).
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