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Alan Cayetano suggests creation of sovereign fund before Maharlika corporation
By HANA BORDEY,GMA Integrated News Senator Alan Peter Cayetano on Tuesday suggested creating the sovereign fund first before establishing the Maharlika Investment Corporation (MIC).
"Given the doubts, given the criticisms, the administrative [work], and putting the money together, you could create in two [or] three months the Maharlika Fund in the existing funds, then test it a year or three years already," Cayetano said in an interview with reporters.
"So by that time, midterm pa lang, 2026, kung talagang nagwo-work at talagang maganda at nakikinabang ang Pilipino, it would be an easy way to pass the corporation," he added.
(So by that time, around midterm in 2026, if it works and is proven beneficial to Filipinos, it would be easy to pass the corporation.)
He said that there are existing investible funds in the Social Security System, the Government Service Insurance System, and Pag-IBIG, among others.
"So mas pabor ako doon rather than forming another corporation to do all of these," he said.
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(I am more in favor of using these investible funds rather than forming another corporation to do all of these.)
"It's a matter of what's best and the timing, kasi maraming nag-fail na investment fund na separate, and then maraming controversy regarding Filipino oligarchs participating directly," he added.
(It’s a matter of what’s best and the timing because many investment funds have failed and there are many controversies regarding Filipino oligarchs participating directly.)
Cayetano made the suggestion amid the issues that were revealed during the Senate hearing on bills creating the Maharlika Investment Fund.
After the first hearing on February 1, Senate Minority Leader Aquilino "Koko" Pimentel III called the proposed measure "defective,” saying “there are many provisions that are unclear and not written on the bill itself.” — VBL, GMA Integrated News