Marcos says people should wait for ''final form'' of the Maharlika Fund
President Ferdinand Marcos, Jr. on Monday said people should wait for the “final form” of the bill that seeks to create the Maharlika Investment Fund.
“Let’s not debate until we see the final form because we could be debating on provisions that no longer exist. Let’s wait for what the legislature will do,” Marcos told reporters on the plane heading to Brussels on Sunday.
This is the first time Marcos has spoken on the fund.
The House of Representatives convened in a plenary session Monday afternoon to discuss the bill filed by Manila Rep. Irwin Tieng on the Maharlika Investment Fund. Sessions were suspended later Monday.
Marcos expressed that the fund would be advantageous “for sure”.
“I wouldn’t have brought it up otherwise. No, It’s very clear that we need added investment,” he said.
“We’re just doing the regular process of the bill. Well not me, the legislature. Let them do their job. That’s the right way, so that it will be perfect,” he added.
Under House Bill 6608 filed by Tieng, more amendments have been added including a provision that penalizes a director, trustee, or officer who commits acts “acts of gross negligence, willful misconduct, fraud or actions in breach of any investment agreement” that lead to losses by the fund.
Officers who commit these acts can be imprisoned for up to five years and can be fined up to P2 million.
The bill also provides that the fund allocate at least 20 percent of its net profit to social welfare projects.
Previous amendments announced by Committee on Appropriations Senior Vice Chair and Marikina Rep. Stella Quimbo included removing the Social Security System (SSS) and the Government Service Insurance System (GSIS) as contributors, making the finance secretary the chairman instead of the President, and increasing the independent directors from two to four in the 15-member board of directors. Jaspearl Tan/DMS
