The government’s economic team is amenable to changing the name “Maharlika” in the proposed sovereign wealth fund after some lawmakers asked if it was something that could be considered.
“Some of the senators asked if we are okay to change the name. We are open to the idea but we defer to the Senate,” Budget Secretary Amenah Pangandaman told reporters yesterday.
“What is important is to establish the fund, not the change of name,” she added.
The budget chief also said regardless of the name to be used, what is important is that the measure is passed into law.
“It’s not a dealbreaker, it’s not the name that’s important, but the concept and creation of the sovereign wealth fund. But again, I defer to the Senate, to the bicam (bicameral conference committee),” Pangandaman said.
According to a Vera Files report in December 2022, “Maharlika” is a term popularized during the presidency of Marcos Sr. who supposedly led a guerrilla resistance unit named Ang Mga Maharlika during the Japanese occupation from 1942 to 1944.
“But this claim has been repeatedly debunked; archival documents show that the guerrilla unit was never recognized by the US government, putting Marcos’ leadership of it into question,” the report said.
