By Eileen Mencias
Even the Philippine Chamber of Commerce Industry, the least critical of the business groups, has voiced its concern over a proposal that seeks to establish a P275- billion state-owned sovereign wealth fund aimed at maximizing the profitability of investible government assets.
In a statement, the PCCI said this may not be the right time for the Maharlika Wealth Fund considering the uncertainty in the financial markets brought about by geopolitical situation and the recent cryptocurrency fiasco.
PCCI president George Barcelon recommended that the proposal be put in the backburner.
“Pooling resources from the revenues of the national government, the Central Bank’s and government-owned financing institutions’ may impact on the sustainability of the country’s welfare system and financial standing,” Barcelon said.
While sovereign wealth funds can serve as a conduit for growth, Barcelon said the amount and the timing must be considered.
“Our government must make sure that no action will affect our presently good credit standing which provide us lower foreign loans,” he said in a statement.