Marcos calls on senators to scrutinize multi-billion peso investment fund
President Ferdinand Marcos Jr called on senators to thoroughly examine a bill creating a multi-billion peso fund to invest in important projects to spur economic growth.
In an interview with TV networks on Monday, Marcos said the Senate is looking at passing the Maharlika Investment Fund before the Holy Week break.
''My message to the Senate is for them to study [the bill] well so that it will be the best version...it is better for the bill to be done thoroughly, than hastily made," Marcos said.
The House passed its version of the Maharlika fund last December. Senator Mark Villar submitted a similar bill to the Upper House recently.
Marcos said ''private money will be involved but it is not (like) a savings account.''
Marcos said the Maharlika Investment Fund will serve as "seed fund" for the Philippines' sovereign wealth fund.
He added that he is not keen to a proposal during the 2023 World Economic Forum last week that funds from government-owned and controlled corporations (GOCC) could finance the fund.
"You cannot use funds from the GOCCs. That is the money of the government. What will the government spend?," Marcos said. "I don't think that is a viable proposition. at least not for us," he added. DMS
