President Ferdinand Marcos Jr. delivers a speech at the contract signing of the construction for the Metro Manila Subway Project’s (MMSP) Quezon Avenue and East Avenue Station, as well as the Anonas and Camp Aguinaldo stations. Jonathan Cellona, ABS-CBN News/pool
MANILA - President Ferdinand Marcos Jr believes establishing a Philippine sovereign wealth fund would benefit the country’s economy. This, amid strong objections raised by various sectors, including economists, major business groups and the academe.
Speaking for the first time on the issue, President Marcos Jr confirmed that he was the one who first broached on the idea of establishing the Maharlika Wealth Fund, as an additional source of investments for the country.
“For sure, I wouldn’t have brought it up otherwise. It’s very clear that we need added investments. It’s another way to get that,” the President told reporters in an interview en route to Brussels, Belgium to attend the ASEAN-EU Commemorative Summit.
Marcos Jr’s economic managers earlier said that the creation of the Maharlika Wealth Fund will allow the administration to achieve its “objectives for inclusive and sustainable economic growth,” and will also help fund big-ticket infrastructure in agriculture and boost countryside development.
The President meanwhile declined to comment on criticisms on the MWF, particularly on the timing of its creation.
"Let’s not debate until we see the final form, because we could be debating about provisions that may no longer exist. Antayin natin kung anong gawin ng legislation," he said.
Proponents of the proposed Maharlika Wealth Fund earlier removed provisions that would require funds from Government Service Insurance System (GSIS) and the Social Security System (SSS) following backlash from the public. Marcos Jr was also removed as chair of the fund’s governing board.
The President however says he would be leaving it to lawmakers to come up with the most perfect version of the measure.
“They’re doing the regular process of looking at the bill, but not me. It’s the legislature. Let them do their jobs. Tama yon, para gawin nilang perfect,” he replied.