Rappler Recap: Is the Philippines ready for the Maharlika fund?

MANILA, Philippines – Resource speakers invited by the House committee on banks and financial intermediaries in its first public consultation on the proposed creation of the Maharlika Wealth Fund overwhelmingly expressed caution over the controversial piece of legislation.

Rappler multimedia reporters Dwight de Leon, who covers the House, and Lance Yu, who covers business and finance, break down important talking points in a Rappler Recap.

Issues raised by concerned groups on Monday, December 5, include:

• whether the fund will be protected from corruption
• why the bill is supposedly being railroaded
• the possibility of suffering a financial loss in the event of risky investments

The Government Service Insurance System and the Social Security System both said they support the proposal. The latter also said it has not suffered a financial loss from its investments since 2008.

Follow Rappler’s ongoing coverage of the issue:

• Romualdez, Sandro Marcos file bill creating PH sovereign wealth fund
• FAST FACTS: What is the Maharlika Wealth Fund?
• EXPLAINER: Does the P275-B ‘Maharlika Wealth Fund’ have any safeguards?
• Marcos to chair PH wealth fund corporation under bill approved by House panel
• Ex-president Gloria Arroyo defends proposal to establish Maharlika fund
• Imee Marcos, senators question P275-B Maharlika Wealth Fund proposal

– Rappler.com