Marcos to Senate: Examine Maharlika fund bill carefully

President Ferdinand Marcos Jr. on Monday asked the Senate to carefully study his administration's proposal for a sovereign wealth fund—the Maharlika Investment Fund.

In an interview with television news anchors including Ivan Mayrina of GMA Integrated News, Marcos indicated that the measure is well thought-out rather than hastily passed.

"Ang message ko sa Senado suriin ninyo nang mabuti para magandang-maganda 'yung batas natin. Suriin niyo  nang mabuti," Marcos said.

"Siyempre mas maganda na matapos sa lalong madaling panahon pero hindi naman dapat imadali dahil napakaimportante ng bawat salitang ilalagay mo sa batas na 'yun," he added.

"Ako sa akin, mas importante na maging tama kaysa maging mabilis. So kailangan gawin nating tama. Kahit na – lahat naman masyadong matagal eh. Pero basta’t makuha – we have to get it right. We cannot make that – getting it wrong would be a very poor – would be a very bad mistake," Marcos said.

The House of Representatives has passed House Bill (HB) No. 6608 or the Maharlika Investment Fund Act (MIF) providing for an independent fund which shall be sourced from the investible funds of select government financial institutions (GFIs), from the contributions of the national government, declared dividends of the Bangko Sentral ng Pilipinas (BSP), and other sources.

Under the proposed measure, the fund shall be used to invest on a strategic and commercial basis in a manner designed to promote fiscal stability for economic development and strengthen the top-performing GFIs through additional investment platforms that will help attain the national government’s priority plans.

Senator Mark Villar has filed the counterpart measure in the Senate.

Marcos has said the Maharlika Investment Fund should be designed in such a way that the proposed sovereign wealth fund would fit the country's needs. —NB, GMA Integrated News