Presidential adviser Joey Concepcion said letting corporate experts manage the Maharlika Wealth Fund (MWF) will diffuse controversies and ensure the sustainability of investments.
The bilyonaryo and GoNegosyo founder said the apprehension of major business groups stem from fears of fund mismanagement. However, if done right, the sovereign investment fund will turn out to be a “good idea.”
“Get good people to run the fund with the President being the chairman because we want to see this fund move on and beyond this Marcos administration. Get the best in the private sector. We have a lot of bright people there who are able to spot investments,” Concepcion told One News’ “The Chiefs.”
“It’s a trust factor. But if the board would be composed of at least 50% of that from the private sector, if the investments are driven only in the Philippines and most of our conglomerates are the ones — you know they have the money, they have the experience, making these bids — I don’t think they’re stupid to make this investment because their track record is high then the fund is safe because the President believes in private-public partnerships,” he added.
Business groups including the Philippine Chamber of Commerce and Industry—which usually favors the sitting administration’s policies and programs— are opposed the creation of the Maharlika Wealth Fund (MWF), saying its creation is ill-timed.
The idea for creating a Philippine sovereign wealth fund came from Marcos’ economic managers and fully backed by leaders of the House of Representatives, led by the President’s cousin, Speaker Martin Romualdez.