Connect with us

Hi, what are you looking for?

News

Opposition senator questions Marcos’ planned Davos pitch of still non-existent wealth fund 

SENATE PRIB

THE SENATE minority leader has called President Ferdinand R. Marcos, Jr.’s plan to do a “soft launch” overseas of a still unapproved wealth fund a “ploy” to force the bill’s passage in the upper chamber.  

“It is more than a marketing strategy, it’s a move to tie the hands of Congress, particularly the Senate, on the controversial measure,” Senate Minority Floor Leader Aquilino Martin “Koko” D. Pimentel III said in a statement on Sunday. 

Foreign Affairs Undersecretary Carlos D. Sorreta said during a Thursday briefing that the President plans to do the launch during his five-day visit to Switzerland this week for the World Economic Forum (WEF). 

“The WEF is a great venue to do a sort of soft launch for our sovereign wealth fund, given the prominence of the forum itself and the global and business leaders who will be there, and they will hear directly from the President the fundamentals that we have that led us to decide that we should have a sovereign wealth fund,” he said. 

Mr. Pimentel cautioned against promoting the still non-existent Maharlika Investment Fund, which is contained in a bill swiftly approved by the House of Representatives but still up for deliberation at the Senate.   

“It is too early, too premature,” he said. “Is he sure that the bill will pass the Senate?” 

Mr. Pimentel has publicly expressed opposition to the measure, saying such a financial pool was prone to abuse and corruption, citing scandals in Malaysia relating to a similar fund.  

He also noted that the proposed bill lacks transparency mechanisms.  

“Instead of focusing our limited resources on the Maharlika Investment Fund bill, let’s debate on legislation that will improve the lives of our countrymen, control inflation and create opportunities,” Mr. Pimentel said. — Alyssa Nicole O. Tan

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

CODY LOGAN/WIKIMEDIA COMMONS SYDNEY — The Australian government will examine surveillance technology used in offices of the defense department, Defence Minister Richard Marles said...

News

The north view of the Manhattan skyline is seen from the 86th floor observation deck of the Empire State Building in midtown Manhattan, New...

News

HONG KONG — The world should “calm down” about the possibility of new COVID-19 variants circulating in China, leading Chinese scientist George Gao said....

News

Image by Marco Verch/CC BY 2.0 Medical advances have made cancer treatable even at stage 4, or when the disease has spread to other...

News

BW FILE PHOTO Thanks to the global financial crisis of 2007-2009, the world is many times richer in valuable lessons to avoid another crisis....

News

PRESIDENT FERDINAND R. MARCOS, JR. welcomes United States Defense Chief Lloyd Austin III at Malacañang Palace on Feb. 2. — NOEL B. PABALATE/PPA POOL...

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.