Connect with us

Hi, what are you looking for?

News

Legislative process will refine Maharlika — Marcos

President Ferdinand Marcos Jr. answers questions from the media after his first Cabinet meeting in Malacañan Palace, July 5. — PHILIPPINE STAR/ KRIZ JOHN ROSALES

PRESIDENT Ferdinand R. Marcos, Jr. said on Monday that Congress must be allowed to perform its legislative functions in improving the proposed sovereign wealth fund bill.

“Let’s not debate until we see the final form because we could be debating provisions that will no longer exist,” Mr. Marcos was quoted in a Palace statement as telling reporters accompanying him on a flight to Brussels, where he is due to attend the Association of Southeast Asian Nations-European Union summit on Dec. 13-14.

Mr. Marcos said he is letting legislators do their jobs and expects them to deliver a “perfect” version of the bill for him to sign.

“It is very clear that we need added investment and this (sovereign wealth fund) is another way to get that,” he added when queried about House Bill 6398, which proposes to create the Maharlika Wealth Fund.

The original form of the bill called for the fund’s seed money to be provided by the two major pension funds, the Government Service Insurance System (GSIS) and the Social Security System (SSS), as well as the two big government banks, the Land Bank of the Philippines and the Development Bank of the Philippines.

The legislation has since been altered, with the Bangko Sentral ng Pilipinas designated as the source of the fund’s capital.

Last week, House committee on appropriations Senior Vice Chairperson Stella Luz A. Quimbo said the proposed fund would no longer tap the GSIS and SSS for capital.

Labor groups have expressed concern over the proposal saying the government should not waste funds meant to benefit both private and public sector workers, including minimum-wage earners.

The economic managers, led by Finance Secretary Benjamin E. Diokno, have backed the fund as a means of increasing investment in infrastructure projects and countryside development, particularly in agriculture, according to the Palace statement. — John Victor D. Ordoñez

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

Editor’s Pick

<?xml encoding=”utf-8″ ??> Pressure on the Tory Party chairman increases as the head of HMRC says there are no penalties for ‘innocent errors’. Nadhim...

Editor’s Pick

<?xml encoding=”utf-8″ ??> With the increased threat of industrial strike action looming across the UK, we consider whether a force majeure clause can strike...

Editor’s Pick

<?xml encoding=”utf-8″ ??> TSB’s 5,700 staff and executives are to share a 10% bigger bonus pot this year, after rising interest rates pushed the...

Editor’s Pick

<?xml encoding=”utf-8″ ??> NatWest is to shut another 23 branches in England and Wales, adding to a raft of high street banking closures already...

Editor’s Pick

<?xml encoding=”utf-8″ ??> Shell has put more than 2,000 jobs in the UK at risk after launching a “strategic review” of its domestic energy...

Editor’s Pick

<?xml encoding=”utf-8″ ??> British taxpayers have become shareholders in a further 53 companies backed by a government rescue funding scheme. These firms include a...

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.