Treasury says Maharlika won’t use funds for govt's social programs | ABS-CBN
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Treasury says Maharlika won’t use funds for govt's social programs
Treasury says Maharlika won’t use funds for govt's social programs
Job Manahan,
ABS-CBN News
Published Jun 24, 2023 12:36 PM PHT
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MANILA — The Bureau of Treasury on Saturday assured the public that the proposed Maharlika Investment Fund would not use the government's budget for social services to seed this, amid mounting worries regarding the matter.
MANILA — The Bureau of Treasury on Saturday assured the public that the proposed Maharlika Investment Fund would not use the government's budget for social services to seed this, amid mounting worries regarding the matter.
National Treasurer Rosalia de Leon said while P50 billion from seed funding would come from the government, this would not tap the budget for social programs, as it would be sourced from the dividends of the Bangko Sentral ng Pilipinas and the Philippine Gaming Corporation (Pagcor).
National Treasurer Rosalia de Leon said while P50 billion from seed funding would come from the government, this would not tap the budget for social programs, as it would be sourced from the dividends of the Bangko Sentral ng Pilipinas and the Philippine Gaming Corporation (Pagcor).
“Walang case [of] the social projects like health services, education mawawalan ng pondo because of Maharlika,” said De Leon in a news forum in Quezon City.
“Walang case [of] the social projects like health services, education mawawalan ng pondo because of Maharlika,” said De Leon in a news forum in Quezon City.
“In fact, pwede ang Maharlika later on [will] complement and provide additional support for our health sector as long as they would also — like health care magiging commercially viable or revenue generating ang mga ganoong investments,” she added.
“In fact, pwede ang Maharlika later on [will] complement and provide additional support for our health sector as long as they would also — like health care magiging commercially viable or revenue generating ang mga ganoong investments,” she added.
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The official said government could also seed Maharlika’s funds on their end through proceeds from privatization and transfer of public assets.
The official said government could also seed Maharlika’s funds on their end through proceeds from privatization and transfer of public assets.
“In effect, hindi naman maka-crowd out ang social development projects kasi yung mga projects na yun nasa budget, yung budget will be fully funded by the national government,” she said.
“In effect, hindi naman maka-crowd out ang social development projects kasi yung mga projects na yun nasa budget, yung budget will be fully funded by the national government,” she said.
Based on Congress’ approved version, the Maharlika fund will have an initial capital of P500 billion from the central bank, gaming revenues, and 2 government-owned banks.
Based on Congress’ approved version, the Maharlika fund will have an initial capital of P500 billion from the central bank, gaming revenues, and 2 government-owned banks.
Experts feared however there could be a leeway for the proposed investment fund to dip into public’s money, which in turn could impact budget for government projects.
Experts feared however there could be a leeway for the proposed investment fund to dip into public’s money, which in turn could impact budget for government projects.
President Ferdinand Marcos Jr. this week said he would sign the proposed law creating the Maharlika Investment Fund "soon" after it reaches his office.
President Ferdinand Marcos Jr. this week said he would sign the proposed law creating the Maharlika Investment Fund "soon" after it reaches his office.
The President said he would still need to look into the changes made in the Congress' approved version of the proposed sovereign wealth fund, which he said should be independent from government to become successful.
The President said he would still need to look into the changes made in the Congress' approved version of the proposed sovereign wealth fund, which he said should be independent from government to become successful.
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