Former President and now Senior Deputy Speaker Gloria Macapagal Arroyo insisted there’s a powerful safeguard against the misuse of the proposed Maharlika Wealth Fund amid concerns it will become a slush fund of select individuals.
Arroyo, who backed President Ferdinand Marcos Jr.’s 2022 campaign, said “the success of any fund, sovereign or private, lies in the quality of its management.”
“In the current version of the Maharlika Wealth Fund, the President of the Philippines chairs its governing Board. This is a powerful statement that the highest official of the land will hold himself as ultimately accountable to the Filipino people for the performance of the Fund,” said Arroyo, who once faced plunder charges that were later on dismissed.
She added that Marcos won’t be commandeering the fund by himself, as he will have reliable experts around him.
“Once the Fund is operational, the President will also be able to count on advice from the Department of Finance, the nation’s steward of sound fiscal policy,” Arroyo said.
“Historically, the Philippines has had a good track record insofar as its Finance Secretaries are concerned, so this is a valuable resource that our country can count on as available,” she added.
The former President pointed out that at the current setup, both the Social Security System and the Government Service Insurance System are already investing pension funds separately to grow their funds and pay out more benefits, albeit separately.
Combining their investible funds into one mega portfolio will let state corporations “maximize returns and generate funds that contribute to or supplement the financial resources,” she said.
“The Fund will in essence be housed in what can be thought of as a special purpose vehicle, and thus its operations can more transparently be observed, tracked, and monitored, not just domestically, but by the international financial community as well,” Arroyo said.
