There are enough safeguards against corruption in the bill proposing the creation of a Philippine sovereign wealth fund, which will be known as the Maharlika Wealth Fund (MWF), one of its most outspoken supporters in Congress said.
House Ways and Means Committee chairman and Albay Rep. Joey Salceda said the proposed sovereign investment fund will not only adhere to international standards, there will be various safeguards in place to protect the funds.
He said four management layers -– the board of directors headed by the President, a board of advisers, risk management unit, and a joint Congressional oversight committee –– will keep a close eye on how the Maharlika fund is administered.
Salceda added that the same bill seeks to exempt the fund from complying with standards under the procurement law.
“Kung iaano natin sa government procurement law, it takes 450 days for one (project) to get approved. We will lose the opportunity (to invest),” said the lawmaker and economist. “Ang iniisip natin dito is to take advantage let’s say, kung minsan bigla na lang pumuputok ang isang presyo so gusto natin to give it maximum flexibility.”
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