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House Ways and Means Committee Chair and Albay Representative Joey Salceda confirmed that their target is to pass the P275-billion Maharlika Wealth Fund proposal before the House of Representatives goes on Christmas break on December 17. According to economist Solon, the MWF will help to increase the government's investment opportunity. The lawmaker explained that the government is expected to earn more when compared to the individual investments made by GFI's using their investable funds.
The MWF's earnings, he said, will be used for government programs and projects. Salceda also denied that they rushed the proposal. Salceda also believes that now is the right time to enact this especially since many projects that should have been implemented for a long time are still not funded such as the construction of a new dam and electrification. On the other hand, the veteran lawmaker also assured that the 2016 1Malaysia Development Berhad scandal will not be repeated, the P275 billion Maharlika Wealth Fund proposal that is now being advanced in the House. Salceda points out that they have put in place enough safeguards to protect the fund from any illegal embezzlement. The Maharlika wealth fund is a priority measure of President Bongbong Marcos. Five Government Financial Institutions will draw investment to be placed in the Maharlika Wealth Fund. Meanwhile, Salceda dispelled the misconception that there is a conflict of interest in the case of Pang. Bongbong Marcos will be the chairman of the board of directors.
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