A sovereign wealth fund for overseas Filipino workers is what a lawmaker wants to set up even as controversy surrounds the bill proposing the Maharlika Investment Fund that has yet to hurdle the Senate.
The government can generate some P300 billion for the proposed Maharlika Investment Fund by privatizing the Philippine Amusement and Gaming Corp. and Philippine Charity Sweepstakes Office, former Senate president Franklin Drilon said on Thursday.
Senators agree that the bill creating the Maharlika Investment Fund requires scrutiny down to the last period, transparency in discussing it and no pressure of approving the measure in a given time.
The proposed establishment of the pioneering sovereign wealth fund in the country is seen addressing the dearth in sources of long-term capital, according to state-run Development Bank of the Philippines.
With the widely unpopular proposal to use pension funds and central bank surplus now deleted, and 20 other amendments introduced to placate opponents, President Marcos has given his full backing to the Maharlika Investment Fund or MIF.