MWF needs further study: BCCP chief
Honestly, the aim to invest in infrastructure is what the country needs and if that’s the vehicle, we should take a closer look at it
Daily TribuneHonestly, the aim to invest in infrastructure is what the country needs and if that’s the vehicle, we should take a closer look at it
Photo by Analy Labor
The head of a British trade organization maintained that the timing for the proposed Maharlika Wealth Fund is not ideal at this time and that investing government funds needs to be further planned.
"Regarding the fund itself, I think it requires a lot of studies and I echo the comment made by my very good friend George Barcelon, the president of the Philippine Chamber of Commerce and Industry who opined that putting up such fund requires full study and planning," Chris Nelson, chairperson of the British Chamber of Commerce of the Philippines said during the Daily Tribune's morning show Gising 'Na!.
"Honestly, the aim to invest in infrastructure is what the country needs and if that's the vehicle, we should take a closer look at it. The question is also timing, obviously, because investments will be made in various areas. This is a very difficult time in terms of over-investing due to the Ukraine-Russian conflict," he said.
"In summary, I am open-minded. I think the need to invest in key projects such as infrastructure is certainly required for renewable energy, and green projects, whether through this fund but it does require significant study, and timing is still key for these funds," he stressed.
Earlier, PCCI president Barcelon recommended that the creation of such a fund both in terms of amount and timing be reconsidered.
Placed on back burner
He suggested that the MWF be put on the back burner saying, "Pooling resources from the revenues of the national government, the Central Bank's and government-owned financing institutions may impact on the sustainability of the country's welfare system and financial standing."
"The aim is to develop infrastructure projects which can accelerate growth and therefore provide prosperity and overall wealth for the country. The real key here is when I fully endorse the need to invest further in infrastructure and digitalization, the question is how can the funding be done and what is the most effective way to do it?" he asked.
In terms of safety measures to ensure that funds are properly used for the proposed MWF, Nelson said the government has been assuring that there will be numerous checks and balances.
"I think that can be assured, and this would attract foreign direct investments which also help to boost the economy. I've been in the Philippines now for almost 20 years. I strongly believe in the country, I believe you have a good opportunity and I do believe that along with the human capital, and human wealth that you have in terms of people's talent here, the key is to accelerate that growth through the infrastructure spending which has been identified," he said.
