‘Maharlika should only be invested in viable Philippine projects’

MANILA, Philippines — Go Negosyo founder Joey Concepcion said the proposed Maharlika Wealth Fund (MWF) should be invested in Philippine projects of conglomerates with good track record.

He also emphasized the MWF board should include the private sector, given issues being raised regarding trust.

While many business organizations have expressed opposition to the MWF due to fear of mismanagement of funds, Concepcion said in an interview with “The Chiefs” aired over One News, that the proposal is a good idea if done properly.

He said investments should be made locally, in projects awarded to conglomerates that have experience and proven track record.

“Most of our conglomerates, they have the money, they have the experience… because their track record is high, then, the fund is safe,” he said.

Earlier, he said the country missed out on opportunities like Transco, Malampaya, Bonifacio Global City and Semirara because it did not have a fund like the proposed MWF when these were bidded out.

“If we are awarding projects to all of these conglomerates all over from Malampaya… and we know that their track record of success is high, then why not be part of it even for just 10, 20 percent? So, that’s the idea that I think is worth looking into,” he said.

He said the MWF could work like a public-private partnership by being allowed to invest in infrastructure projects of conglomerates like building airports, bridges and roads. He also said it is important to get the right people to manage the fund.

“Get the best in the private sector. We have a lot of bright people there who are able to spot investments,” he said.

Based on House Bill 6398 creating the MWF, the Social Security System (SSS) and the Government Service Insurance System (GSIS) along with state-run financial institutions Development Bank of the Philippines Land Bank of the Philippines were identified as contributors to start the fund.

Following protests against the proposal, proponents of the MWF dropped the SSS and GSIS as fund sources but announced the inclusion of the Bangko Sentral ng Pilipinas as contributor.