The proposed Maharlika Wealth Fund does not have enough safeguards to protect it from possible abuse and loss of capital, an ex-lawmaker said as a warning to the public and his former colleagues in Congress. | GabrielLaluINQ
“Its records are also not accessible to the public as the bill itself admits that records can only be accessed upon approval of the board. MWF is again exempted from freedom of information scrutiny,” he added.
This means the proposed corporation that would manage the MWF would use money from the monthly contributions of public and private sector workers.“What is worse is that tayo, the funders, ang nag pondo pero hindi natin alam kung paano winawaldas ang ating pera. Genuine accountability and transparency are lost in the Maharlika fund,” Colmenares said.
The Committee on banks and financial intermediaries discusses the proposal filed by House Speaker and Leyte 1st District Rep. Ferdinand Martin Romualdez and other lawmakers.However, the proposal — a pool of funds that the government can tap to make investments within the country and abroad — has recently earned criticisms as opposition lawmakers and netizens fear that workers’ contributions may be affected in case the state’s investments do not reap a high return.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EXPLAINER: What is the 'Maharlika fund' and why is it raising concern among critics, including Marcos' sister?What would happen if the Maharlika Wealth Fund would be enacted into a law? | via philstarlife
Read more »
Senate set to scrutinize Maharlika Wealth Fund; House touts safeguards - BusinessMirrorSENATORS were expected to mount an inquiry into the proposed use and safeguards for the P275-billion Maharlika Wealth Fund bill, which their counterparts in the House of Representatives are rushing, amid mounting concern over the use of workers’ pension funds to seed the facility. At the weekend, Sen. Jinggoy Estrada joined the chorus of cautious reminders
Read more »
Sandro denies 'railroading' of Maharlika Wealth FundSenior Deputy Majority Leader and Ilocos Norte 1st district Rep. Sandro Marcos refuted claims Monday, Dec. 5 that the proposed P275-billion Maharlika Wealth Fund (MWF) is being “railroaded” in the House of Representatives.
Read more »
Maharlika Wealth Fund wasn't PBBM's brainchild--SandroThe proposed P275-billion Maharlika Wealth Fund (MWF) wasn’t the idea of President Ferdinand “Bongbong” Marcos Jr. per se.
Read more »
Gov’t told: Give sufficient aid to poor instead of pushing for corruption-prone Maharlika wealth fundBrosas urged the government to heed the call to provide direct and sufficient aid to poverty-stricken Filipinos instead of directing its efforts toward the creation of the controversial Maharlika sovereign wealth fund. | BPinlacINQ
Read more »
‘Maharlika Fund’ pilloried; wealth tax seen better bet - BusinessMirrorIF the government is looking for a way to raise much-needed revenues, Ibon Foundation Inc. said creating the Maharlika Investment Fund (MIF) would not be the best way to do it. Ibon Executive Director Jose Enrique A. Africa said it is better for government to consider the proposal of civil society organizations to impose a
Read more »