The proposed Maharlika Wealth Fund will be a subject of a lengthy debate, according to Sen. Bong Go, who underlined the importance of credible, competent, and trustworthy management should the proposed measure be passed into law.

"Siguro mahabang usapan 'yan, mahabang debate. Ang importante po dito, ang tanong is 'who will manage? Sino po ang magdadala?'" said Go in an ambush interview after attending the Bicameral Conference Committee meeting at the Manila Golf Club in Makati City on Monday, 5 December.

"Dapat mapag-aralan ito ng mabuti. Malaking halaga yan. Importante walang masayang na pondo ng bayan lalo na sa panahon ngayon na hirap na nga ang mga Pilipino," 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.

"It should be a good manager talaga para walang masasayang na pondo," he said.

"'Di ba ang pondo po ay kukunin mula sa iba't ibang financial institutions, ngunit ang tanong dito, paano ima-manage ng maayos nang hindi mapupulitika, walang pabor pabor kung saan mapupunta," he added.

House Bill No. 6398, or the proposed Maharlika Investments Fund (MIF) 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.

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.