Officials of the Bangko Sentral ng Pilipinas (BSP) will meet members of the House Committee on Appropriations on Friday to discuss the funding provisions of the proposed Maharlika Wealth Fund (MWF).
OFFICIALS of the Bangko Sentral ng Pilipinas will meet members of the House Committee on Appropriations on Friday to discuss the funding provisions of the proposed Maharlika Wealth Fund .
Medalla was earlier cool to the idea of creating the MWF, as proposed in House Bill 6398, warning of the dangers of another 1MDB scandal in the making. Sen. Imee Marcos also cited, as basis for her caution, the 1MDB mess—which ended with former Malaysian Prime Minister Najib Razak jailed for corruption involving over $700 million of the sovereign wealth fund.
Upon the Speaker’s instructions, Quimbo said the changes would be introduced into the bill on Friday.As the House tackles the bill, Quimbo said lawmakers will put in place safety nets that will ensure the success of this project. “Now that I have already dispensed with my role as TWG Chair, allow me to make my own personal assessment of the Maharlika Investment Fund Act as currently structured. The SSS and GSIS stand to suffer a reduction in cash flow during the gestation period of long-term projects like dams and grids, while foreign financial instruments will slightly reduce cash flow in the short-term, not to mention the friction cost of foreign currency conversion,” said Salceda.
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