BUSINESS associations and groups of economists issued a joint “statement of concern” on Monday on the proposed creation of a P250-billion sovereign wealth fund using state pension funds and other government assets as seed capital, as envisioned in House Bill 6398.
The Foundation for Economic Freedom, Financial Executives Institute of the Philippines, Makati Business Club, Management Association of the Philippines, Movement for Good Governance, Competitive Currency Forum, and the Filipina CEO Circle, were among the 12 signatories who expressed their reservations to the establishment of the Maharlika Wealth Fund .
The groups stressed, as the goal of the state pension funds is preserve their capital to give sufficient returns to their members, that they need to invest conservatively, instead of “[exposing] their members’ retirement funds to investments in assets with additional market risks and performance risks.
Other signatories to the joint statement include the Integrity Initiative Inc., Philippine Women’s Economic Network, UP School of Economics Alumni Association, and Women’s Business Council Philippines Inc.While the most recent version of HB6398 removes gross international reserves as seed capital to the Maharlika Fund, it still requires the BSP to contribute 50 percent of its dividends.
BSP Gov. Felipe M. Medalla already expressed his own fear that the MWF will go the way of 1Malaysia Development Berhad , a sovereign wealth fund, of which some $700 million ended up in the personal accounts of then Prime Minister Najib Razak
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: manilabulletin - 🏆 25. / 51 Read more »
Source: interaksyon - 🏆 24. / 51 Read more »
Source: manilabulletin - 🏆 25. / 51 Read more »