For the first time, President Ferdinand Marcos Jr. has spoken about the debated Maharlika Investment fund proposal of the Philippines.
According to Marcos, he has no intention of debating with critics of the proposed Maharlika wealth fund until Congress has finished drafting the bill.
But Marcos assured that it would be good for the growth of the Philippine economy because otherwise, he would not have proposed it — confirmation of the previous report that he came up with the idea of establishing the fund.
“For sure, I wouldn’t have brought it up otherwise. It’s very clear that we need added investments. It’s another way to get that,” said Marcos.
Marcos spoke on Maharlika Investment for the first time on Sunday night during his flight to Brussels, Belgium, to attend the Association of Southeast Asian Nations-European Union (ASEAN-EU) Commemorative Summit.
Marcos told critics to wait for the final version of the bill.
“Let’s not debate until we see the final form, because we could be debating about provisions that may no longer exist,” said Marcos.
Prior to this, some controversial provisions of the proposal were withdrawn by the legislators due to public complaints.
Marcos defends Maharlika Investment fund
This includes the removal of the Government Service Insurance System (GSIS) and Social Security System (SSS) as the source of the Maharlika Investment fund, as well as the appointment of the president as the head of its governing board.
According to Marcos, he will let the lawmakers do their work to develop the perfect version of the proposal.
A few minutes before 3 o’clock in the morning or 10 o’clock in the morning in Manila, Marcos landed in Brussels to begin his 3-day visit.
First on his schedule is the meeting with the Filipino community.
He is also scheduled to speak at several meetings in the European business community.
Marcos promised to advance the interests of the Philippines during his attendance at the summit on Wednesday, including the recovery of the country’s economy from the pandemic, entrepreneurship, maritime cooperation, and addressing climate change.
Marcos will also have the opportunity to meet King Philippe of Belgium, in addition to 10 bilateral meetings with heads of state in Europe.
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