Go on MWF: Who’ll manage; who’ll carry?
What is important is that there will be no money wasted particularly at this difficult time. That is a huge amount involved
Daily TribuneWhat is important is that there will be no money wasted particularly at this difficult time. That is a huge amount involved
(Photo courtesy of Sen. Bong Go / website)
The proposed Maharlika Wealth Fund will be a subject of a lengthy debate, according to Senator Christopher "Bong" Go, who underlined the importance of a credible, competent, and trustworthy management should the proposed measure be passed into law.
"It should be studied thoroughly. The question here is who will manage? Who will carry it?" "Go asked in an ambush interview after attending the Bicameral Conference Committee meeting at the Manila Golf Club in Makati City last Monday.
"What is important is that there will be no money wasted particularly at this difficult time. That is a huge amount involved," he added.
Go said that the management of the proposed fund, which will be comprised of contributions from a number of different financial institutions, must be thoroughly studied to ensure that it will be free from political interference. He added that credible, competent and trustworthy managers must ensure not even a single centavo will be wasted.
House Bill 6398, or the proposed Maharlika Investments Fund Act, seeks to provide for the establishment of the fund, which will originate from government financial institutions and will subsequently be invested in a diverse array of markets, sectors and other financial instruments.
The Maharlika Investments Corp., which is proposed to handle investments using the MIF, will also be established under the measure. It will be managed by a board of directors comprised of nine individuals who will each represent a contributing GFI.
Further safeguards
The measure compares Maharlika to Singapore's wealth fund, which was established to ensure the efficient administration of the country's foreign reserves by purchasing assets. In addition to that, it referenced the fund of Indonesia that enabled the country to invest money in growing sectors and in the nation's infrastructure.
However, some sectors voiced concerns that the proposal needs further safeguards.
There are also concerns that the proposed fund would go the way of Malaysia's 1Malaysia Development Berhad, which was dogged by graft allegations. Najib Razak, a former prime minister of Malaysia, was convicted of embezzling billions from the country's sovereign wealth fund in 2020.
Meanwhile, Go, who chairs the Senate Committee on Health and Demography, renewed his appeal to the Executive Branch to expedite the disbursement of benefits for healthcare workers.
Go said that as long as Covid-19 poses a risk to the safety of healthcare workers, they should continue to get benefits and compensation in accordance with the law.
The senator said that the benefits cannot even compare to the sacrifices that healthcare workers are making to guarantee that the Filipino people are protected from the virus.
On 1 December the Department of Health reaffirmed that it is proceeding with the regular disbursement of benefits and allowances to healthcare workers who are employed in both the public and private sectors.
The DoH made the statement in response to a rally that was held in front of the Health Department headquarters by a number of healthcare workers who demanded the release of their benefits and allowances.
In a statement, the DoH stated that "(t)he recent releases of the Department of Budget and Management were already distributed to the Centers for Health Development."
