Albay 2nd District Representative Joey Salceda says that the proposed Maharlika Fund was reworked ahead of the President's trip to Davos, Switzerland, where he pitched the controversial sovereign wealth fund to foreign investors.
MANILA, Philippines – President Ferdinand Marcos Jr. has been selling a different version of the Maharlika Investment Fund to bigwig foreign investors in Davos, Switzerland – one that is envisioned to be “more led” by the private sector through the stock market.was recently “reengineered” over the holidays, revealed House ways and means committee chairman Joey Salceda.
“It’s very new. It’s basically securitization of about P44.3 billion in annual dividends. So these are real surpluses, including, for example, PDIC at P13 billion,” Salceda said. “These are dividends from GOCCs, so by its nature, they are already surpluses.[ANALYSIS] On the Maharlika Wealth Fund “Upon IPO, it’s no longer a GOCC. It’s essentially another listed company in the Philippine stock market. It’s up to the President, but the recommendation is that the government will own less than 50%. So it will be private, basically,” he said.
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