Bowing to the barrage of opposition coming from various sectors of society, the proponents of the bill withdrew from the proposed sovereign fund act sourcing its initial capital from the Social Security System and Government Service Insurance System. This backpedaling, according to them, is to allay the fears expressed by the oppositors that the pension funds from these government institutions will be jeopardized.

Speaking for the authors of the controversial proposed measure, Marikina Rep. Stella Quimbo, insists, rather ignorantly, that they dropped getting the pension funds from SSS and GSIS to form part of the investment kitty, not because it is illegal, she stresses, again ignorantly, as their charters allegedly authorize the siphoning of investible funds to Maharlika Fund.

For the education of the non-lawyer lawmaker, as expressed in this column and other platforms by this writer, both the GSIS and SSS contributions of their respective members are private funds, not public, and therefore cannot be used by the government for the benefit of non-members. It is not embarrassing or shameful to admit that those transfers are unconstitutional especially because she and the other proponents of the bill are not educated nor trained in law. Despite their ignorance of the law, and committing such faux pas, the authors of the bill should be credited for listening to the voice of reason, at least on this particular aspect.

There are still valid issues and concerns that Maharlika proponents of House Bill 6398 should listen to and address. One of them is the sovereign funds being a potential source for corruption. Rightly or wrongly, there is a bothersome issue of conflict of interest.

The principal authors being closely related by blood to the current President, whom they picked to chair the board that will manage the Maharlika Investment Fund, makes a case for nepotism and conflict of interest. The majority of the members of the governing board will be coming from the GOCCs that will fund the MIF.

In Singapore, while the Prime Minister sits as the head of the governing body of its sovereign wealth fund, the rest of the administrators come from the private sector, consequently, the Singapore Prime Minister has no decisive and final say on investment matters to be decided by the board. It is practically run by independent, competent, and reputed private citizens of unquestionable integrity.

The same cannot be said of what House Bill 6398 envisions for the composition of the MIF board that will operate it.

There is even a provision that grants honoraria to the board directors with no ceiling!

There is also the matter of whether we have the excess money to create this MIF. The sovereign wealth funds of countries like Singapore, China, Norway, and Middle East countries such as Saudi Arabia, Kuwait, and Qatar are awash with savings hence they have the wherewithal.

Does our country have the savings or the excess money to venture into this sovereign wealth fund project? Given that we have to get loans from world financing institutions to fund our pandemic responses, the answer to the preceding question is quite obvious. We cannot even give enough appropriations to build more schools and hospitals. We had to seek loans to finance our infrastructure projects. Our farmers and fisherfolk have been asking for government support to increase food production but have been not able to do that. Industrial and health workers, teachers, and government employees have been demanding salary and wage increases, yet for inadequate revenues, their demands have not been met.

Are the authors of House Bill 6398 aware that Republic Act 7277, An Act Providing For The Rehabilitation, Self-Development, and Self-Reliance of Disabled Persons and their Integration into the Mainstream Of Society, has not been implemented due to inadequate funding even though the law was passed thirty years ago???!!!. Yet here we are, so bold in creating this brainchild.

While we credit the lawmakers who thought of resurrecting this idea, which noble intention is unquestionable, they must consider that the present circumstances are not ideal for its birthing. It will do them well and the administration if they give further study and set aside it for better times. As this column stated, and to reiterate, a miscalculation of this burgeoning could be fatal.

They should consider the effect on President Ferdinand Marcos, Jr. should they persist in pursuing an idea that has growing opposition to it. If they have not anticipated a public uproar, they better brace themselves — because it's looming on the horizon.