Arnold Clavio Expresses Reactions to the Proposed Maharlika Wealth Fund
Veteran broadcaster Arnold Clavio expresses his reactions to the government’s proposed Maharlika Wealth Fund.
The planned P250 billion Maharlika Sovereign Wealth Fund under President Ferdinand “Bongbong” Marcos Jr. received a response from journalist Arnold Clavio. Clavio expressed some of his concerns regarding the aforementioned sovereign wealth fund in his “tilasik.”
According to the report, the Government Service Insurance Service (GSIS), Social Security System (SSS), Land Bank of the Philippines (LDP), and Development Bank of the Philippines will provide funding for the wealth fun (DBP). Clavio discussed several topics, including Antonio Carpio’s viewpoint as a former Supreme Court justice.
Carpio referred to the use of funds from the contributions of SSS and GSIS members to finance the Maharlika SWF as “unconstitutional.” According to the law, non-members who did not make contributions to the SSS and GSIS fund cannot get income from those funds.
“The law cannot give income from the SSS and GSIS fund to non-members who did not contribute to the fund. This is taking private property for public purposes without just compensation, which is VIOLATING THE CONSTITUTION,” Carpio said.
If this strategy is carried out, Clavio called the SSS and GSIS members as “poor.” It also discussed the difficulties that other nations, including Malaysia, that have established sovereign wealth funds, are currently facing.
“Sakaling ito ay matuloy kawawa naman ang 40.49 milyong miyembro ng SSS at 2.53 milyong miyembro ng GSIS na di isinama sa konsultasyon,” said the journalist.
“Sa ibang mga bansa, ang mga pondo ng sovereign wealth ay hindi rin nakaligtas sa KORAPSYON at napunta sa mga bulsa ng mga opisyal ng gobyerno,” he added.
Clavio argued that given the Philippines’ significant debt burden, it is not yet time for the country to create a sovereign wealth fund. The aforementioned post by Arnold has received hundreds of online comments.
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