News Release

PBBM: ‘Let’s wait for the final form of the proposed MWF’



President Ferdinand R. Marcos Jr. on Sunday said it is best to let lawmakers closely examine the proposed bill on the Maharlika Wealth Fund in order to come up with the “perfect” version of the sovereign fund.

“We’re just doing the regular process of looking at the bill. Well, not we. It’s the legislature. So let them do their jobs. Tama ‘yan. Para gawin nilang perfect,” President Marcos told mediamen onboard Flight PR 001 en route to Brussels, Belgium for the Association of Southeast Asian Nations-European Union (ASEAN-EU) Summit.

“Let’s not debate until we see the final form because we could be debating about provisions that no longer exist. So antayin natin kung ano’ng gagawin ng legislature,” the chief executive said.

The President maintained that the MWF is a good investment vehicle to foster an improved environment for economic development in the country.

The President made this remark after lawmakers moved to exclude the Government Service Insurance System (GSIS) and the Social Security System (SSS) as contributors to the proposed sovereign wealth fund.

“I wouldn’t have brought it up otherwise… It’s very clear that we need added investment. This is another way to get that,” Marcos told reporters.

President Marcos’ economic managers, led by Finance Sec. Benjamin Diokno, earlier said the MWF is expected to increase investments and the funding of infrastructure projects and countryside development, particularly in agriculture.

The economic managers stressed that in the near and medium term, the MWF is seen to enhance the country’s fiscal space and reduce fiscal pressures as the fund “pursue public infrastructure projects, as well as reduce uncertainties in cases when fund resources are channeled to high-yielding financial undertakings.” #