President Ferdinand Marcos Jr. on Monday allayed fears that the money to be invested in the proposed Maharlika Investment Fund can be potentially used for money laundering.
In an interview with reporters, Marcos Jr. noted that while private money will be involved with the fund, MIF will not serve as a savings account where people park money for their own personal gain.
He said the multi-billion-peso sovereign wealth fund will serve as the seed money for the sovereign fund.
“Now, whenever we come into partnership, we do a G2G (Government-to-Government) with Japan, for example, or we do a PPP (public-private partnership) with some big outfit, then that is only the time that the money has come into the fund to be used for the program,” he explained.
“Hindi ‘yun basta’t, ‘O sige, bigyan niyo ako ng ilang bilyong dolyar tapos ilalagay lang ‘yan basta akong bahala na diyan.’ It’s not like that at all. And in fact, even on our end, we will only deploy funds when there is a very specific project to be paid for. So, money laundering just won’t come into it.”
The measure proposing the creation of the Philippine sovereign wealth fund remains pending in the Senate.
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