Connect with us

Hi, what are you looking for?

News

Lawmakers eye BSP profits as wealth fund source

REUTERS

Philippine lawmakers are looking to tap central bank profits to seed a proposed sovereign wealth fund, after an earlier plan to use pension funds for the purpose triggered opposition.

Authors of the bill creating the Maharlika Investments Fund decided to change the source of funds after a meeting with economic managers, said Marikina Rep. Stella Luz A. Quimbo, one of the proponents.

“It’s good that we conducted a series of consultations,” Ms. Quimbo said in a statement posted on the House of Representatives’ Facebook page late Wednesday. “Our countrymen’s concerns have been validated.”

Bangko Sentral ng Pilipinas Governor Felipe M. Medalla last week raised concerns over the wealth fund plan, including on its governance and potential impact on the monetary authority’s independence. Administration officials such as Finance Secretary Benjamin Diokno have allayed these concerns.

The House appropriations committee will tackle the changes on Friday, Ms. Quimbo said.
The planned wealth fund’s purpose is to invest “existing surplus capital of the government,” she said, adding that safety nets will also be added to the proposal. — Bloomberg

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

Egg vendors arrange their products for sale at a store along Blumentritt in Manila, Jan. 26. Filipinos are grappling with soaring prices of food,...

News

ICC prosecutor authorized to reopen Philippines drug war investigation – BusinessWorld Online ...

News

Photo via freepik The past years saw climate change, defined by World Health Organization (WHO) as “the change in climate in time due to...

News

At Christmastime, monster waves and winds battered the 23-year-old Tubbataha Ranger Station. (Inset photo) Metro Pacific Investments Foundation, Inc. committed to provide an additional...

News

www.facebook.com/DOTrPH The Department of Transportation (DoTr) has one of the most illustrious histories of public service, having been founded under the Malolos Constitution on...

News

The ongoing LRT-1 Cavite Extension project, which is expected to reduce travel from Baclaran to Bacoor, Cavite from one hour to 25 minutes Transport...

You May Also Like

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.