Bilyonaryo - Business

Concepcion: Private sector involvement to keep Maharlika Fund in check

December 9, 2022

Bilyonaryo.com

Go Negosyo founder Joey Concepcion said that there is inherently nothing wrong with establishing a sovereign wealth fund but it needs to be properly managed in order to become sustainable beyond the Marcos administration.

According to the business guru, this can only happen if the right people are involved.

He suggested that the President tap the best experts from the private sector who can spot the best investments.

“Get the best in the private sector. We have a lot of bright people there who are able to spot investments. So, if we are awarding projects to all of these conglomerates all over from Malampaya, all of these, and we know that their track record of success is high, then why not be part of it, even for just 10 or 20%. So, that’s the idea that I think is worth looking into,” he said in an interview with The Chiefs.

As for the fear of the public that pension funds will be mishandled, he said that one of the key factors in the issue is trust, and this too, needs to be addressed.

“So, 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, you know 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. So, this is one way to execute the public-private partnerships. Allow this fund to join all of these investments.. that either Ramon Ang, MVP, etcetera are doing for the country, building airports, bridges, roads,” he said.

Related News Tags: Go Negosyo, Joey Concepcion, private sector, Ramon Ang, The Chiefs

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