Marcos Jr. says to immediately sign Maharlika fund bill once received
MANILA, Philippines — Philippine President Ferdinand Marcos Jr. said he will immediately sign the Maharlika fund bill once the executive department receives it, amid public outrage from civil society and academia.
That was the president’s pronouncement on Thursday, as the Senate has yet to send the final version of the controversial investment fund to Malacañang.
“I will sign it as soon as I get it. Am I happy? Well that is the version that the Senate and House have passed and we will certainly look into the changes that have been made,” Marcos Jr. told the media at the sidelines of the anniversary celebration of the Securities and Exchange Commission.
As it is, the Senate pulled an all-nighter back on May 31, passing its version of the investment fund after hours of discussion. There were last-ditch efforts to delay its passage in the Senate, through the two-member opposition composed of Sens. Aquilino Pimentel III and Risa Hontiveros, but faltered as senators took the president’s “urgent” call to heart.
The opposition to the fund was not just about initial plans to use state pension funds as seed money, as Marcos Jr. said earlier, but focused on the fund’s viability, funding sources, sustainability, and governance.
Economists from the UP School of Economics, top-billed by former National Economic and Development Authority chief Ernesto Pernia, trained their sights on the fund’s red flags.
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Civil society also lambasted the fund’s purpose, as seed money for the Maharlika could be funnelled directly into socioeconomic programs. Experts spotlighted that the Philippines is navigating a tight fiscal space owing to its high debt levels, which soared under the previous Duterte administration’s borrowing spree to fund its pandemic response.
Despite loud opposition, the Marcos Jr. administration, led by their economic managers, was keen on getting the Maharlika fund proposal signed before the president’s second state of the nation address. — Ramon Royandoyan