Imee Marcos Fears the Maharlika Fund Bill Could Be Use for Corruption
Senator Imee Marcos expresses “kinakabahan” with the proposed Philippine sovereign wealth fund called Maharlika Fund.
The President’s sister expressed her concern that the said bill would go the same fate as Malaysia’s 1Malaysia Development Berhad (1MDB), which was plagued by graft problems. The law aims to invest in a variety of physical and financial assets to make the most of state resources or tax money and transform it into a “sovereign wealth fund.”
“Nakita natin ang kapitbahay natin– Malaysia. Talagang disaster ang nangyari sa kanilang 1MDB na nakurakot na yung pera, ibinagsak pa ang buong pamahalaan at yung partido na nag-umpisa sa Republika ng Malaysia,” Marcos said in a interview.
“Nakakatakot talaga ito kaya pag-isipin nating maiigi kung ito ba ay talagang tamang panahon, kung handa ba ang Pilipinas para sa sariling sovereign fund ngayon,” she added.
According to the report, relatives of President Ferdinand Marcos Jr. including House Speaker Martin Romualdez (Leyte, First District), his wife, Representative Yedda Marie Romualdez of Tingog Sinirangan, and Representative Sandro Marcos of the Ilocos First District backed this bill. The senator also acknowledged that he had not yet read all of the bill’s details.
“To be fair, hindi ko pa nababasa yung bill, pero ako’y kinakabahan sapagkat sa panahong ito, ang sama ng ekonomiya,”said Marcos.
“Pati ang World Bank sabi bagsak na bagsak sa susunod na taon sa 2023, sa kalagitnaan lalala pa raw. Diyos ko, paano na lang tayo pagkatapos? Alam natin na lumolobo ang utang ng Pilipinas samantalang malaki pa rin ang utang natin sa health workers, ‘di pa bayad. Senior citizens, kulang-kulang pa rin ang stipend,” she added.
Sen. Marcos said that it is a good idea for the proposed Maharlika fund to pool some government funds. However, she opposed the use of monies from the Social Security System and the Government Service Insurance System.
“Retirement funds should be zero risk. Their values are depleting due to inflation and rising prices, and yet these will be placed elsewhere?” Sen Marcos said.
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