Opposition Senator Risa Hontiveros said that 'immediate passage of the Maharlika Fund is too convoluted and vague.'
before the Supreme Court. Being one of Marcos’ priority measures, the controversial bill may be passed before the end of May, according to Zubiri.
The Senate version of the bill provides that bonds issued under the proposed measure would not be guaranteed by the government – a safeguard pitched by Senator Mark Villar, to prevent a repeat of Malaysia’s multibillion-dollar Villar, who is the sponsor of the Senate bill establishing the sovereign wealth fund, said that any bonds or debt instruments issued by the Maharlika Investment Corporation would be secured by its own assets.
“It is still being pushed despite the fact that there is nothing left of the income from the Malampaya oil and gas fields, and the law that would have raised the government’s income from opening mines has not yet been passed,” she said. “Since there is no excess wealth, they are now interested in taking the highly profitable funds of the Land Bank of the Philippines and Development Bank of the Philippines. This would be a huge loss to farmers and small businesses that cannot afford to loan from private commercial banks,” Hontiveros added.
In a letter addressed to Zubiri, Marcos said “there is a compelling need for a sustainable national investment fund as a new growth catalyst to accelerate the implementation of strategic and high-impact large infrastructure projects that will stimulate economic activity and development.”
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