SOVEREIGN WEALTH FUND: IMELDA AND BONGBONG MARCOS ARE THE EXECUTORS OF THE MARCOS WEALTH.
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Maharlika fund has Marcos go signal – Diokno
MANILA, Philippines — The creation of the Maharlika sovereign wealth fund has the green light from President Ferdinand Marcos Jr., but its inception goes way back to the previous administration, Finance Secretary Benjamin Diokno said on Wednesday.
At the Kapihan sa Manila Bay news forum, Diokno said that he was in fact in the thick of things when he was governor of the Bangko Sentral ng Pilipinas (BSP) during the Duterte administration.
“The idea was to create a fund that will take care of future generations of Filipinos,” he noted.
For the Maharlika fund, Diokno said there was an interagency committee, which included officials from agencies such as the National Economic and Development Authority as well as government financial institutions (GFIs).
“We talked among ourselves and presented our proposal to the president, and we prepared a draft bill,” Diokno said.
He added, however, that he was asked that it be made sure the Maharlika fund would not be identified with the president, “so that whoever is in office could not meddle with how the fund will be used.”
He added that it would be administered by a governing council from which the government “is totally out.”
The council would be “private sector, but I think the secretary of finance is a member, the only representative of the government,” Diokno said.
The finance chief said that in other countries, a sovereign wealth fund was backed by government revenues from depletable resources, citing as an example the case of Norway, where part of taxes from petroleum was set aside for such a wealth fund.
Closer to home, Diokno said Singapore and Australia, and more recently Indonesia, have sovereign wealth funds.
“Ideally, part of revenues from the Malampaya natural gas should have been set aside for a sovereign wealth fund,” Diokno said. “Same with revenues from telecommunications bandwidth and mineral resources.”
Read more: https://newsinfo.inquirer.net/1699946/diokno-maharlika-fund-has-marcos-go-signal#ixzz7mEfK8zZs
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