Lawmakers opposed to Maharlika say let economy recover first

MANILA, Philippines — Lawmakers opposed to the Maharlika Investment Fund said it would be better if the Marcos administration let the pandemic-battered economy recover first before venturing into a sovereign wealth fund (SWF) sourced only from surplus funds.

“Through a SWF, we might be better protected against ongoing and future economic crises and uncertainties. This would allow us to secure a stable, sustainable, and thriving economy for present and future Filipino generations,” said Camarines Sur Rep. Gabriel Bordado, who believes now is not the time to have such fund.

Rep. Mujiv Hataman, who also voted “No” to MIF at the House of Representatives, said it is not worth the risk to take money from government financial institutions at a time when the country is still recovering recession along with the rest of the world.

“Do we even have any feasibility study to back up the establishment of this MIF? Why risk it at this crucial stage? In these kinds of investments, we need people with impeccable integrity and proven competence. Trust will be an important issue here,” he stressed.

“In short, we need more time to discuss the measure to answer all questions satisfactorily. It is my belief that the House could have afforded more time to answer queries to the bill,” the Basilan congressman reiterated.

Independent opposition Rep. Edcel Lagman suggested that “whatever investible resources government-owned and controlled corporations and GFIs have, must not be parked in long-term contingent investments.”

“We must bail out our people now from poverty, inflation and the dire challenges of recession, rather than investing in long-term ventures while our people may perish ahead without enjoying the promised fruits of Maharlika,” the Albay lawmaker said.

“They must be invested for Filipinos’ development and sufficient allocations for education, health, employment, food security, and basic infrastructure. Help our people first survive in the short term so that they can relish the benefits in the long term,” Lagman said.

Speaker Martin Romualdez said that results of the recent nationwide survey showing that half of the Filipinos support the much-criticized MIF concept of Marcos only showed that the House was on the right track when it approved the measure.

“We are happy with the survey, which to us means that we are on the right track in advocating the establishment of this sovereign wealth fund, which is intended to benefit future generations of Filipinos,” the administration stalwart said.

“It shows that our advocacy has the support not just of major business groups but of the general population as well,” Leyte’s first district congressman, a stalwart of the administration party Lakas-CMD, said.

Veteran administration legislator Rep. David Suarez of Quezon at the same time lauded Romualdez’s leadership and gave the Speaker a pat on the back for his unwavering push for approval of the proposed MIF.

He likewise said that the proposal to put up a sovereign wealth fund, just like in any other country, is expected to further speed up the economic train that the Marcos administration has started running.

The lawmaker said the proposal underwent exhaustive review and rigorous plenary discussions and “fortified with safeguards and safety nets to ensure that fund managers will not be able to dip their hands into the fund’s investments.”

“The approval of the bill went through congressional surgery. We made sure that not only is it compliant to local laws but congruent to international standards as well,” Suarez said.