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Controversial Maharlika bill heads to...
told reporters to give the new investment fund “a chance.”
Opposition groups and critics of the new law raised concerns that it would be abused and become a vehicle for corruption.
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Zubiri noted that other countries also have sovereign wealth funds that are successful.
“[There are] maybe 90 plus countries that [have] sovereign wealth funds and under these 90 countries, there’s only one that has an issue, which is Malaysia’s,” the senate president said, referring to the 1Malaysia Development Berhad that faced issues with embezzlement and money laundering.
“We are learning from that mistake but almost 99% of other sovereign wealth funds have been very successful… so let’s give it a chance.”
In a statement on the House panel’s adoption of the Senate version of the Maharlika bill, Rep. Joey Salceda (Albay) said that the House decided to have the bill ready in time for Marcos’ State of the Nation Address in July and so the executive branch can prepare the implementing rules and regulations for it as soon as possible.
“As promised, the MIF will not touch the funds of the SSS, GSIS, Philhealth, or HDMF. We are thankful for the Senate for retaining most of the accountability and transparency safeguards established by the House,” he said.
