PRESIDENT Marcos Jr. yesterday continued to promote the idea of creating a sovereign wealth fund which he said would leverage government assets and pursue big-ticket infrastructure projects particularly in the energy and agriculture sectors.
The President, in a breakfast meeting with top international chief executive officers on the sidelines of the World Economic Forum (WEF) in Davos in Switzerland on Wednesday (Thursday in Manila), said the Philippine government does not have enough money to do all the things it needs, especially building infrastructure.
“We have reserves. And we must make [sure] that money sitting in banks, commercial and government… we need to find a way to make that money work for us, and that’s why we thought the sovereign wealth fund would be a good idea to leverage what assets the government has, what monies the government has,” Marcos said.
He said the proposed sovereign wealth fund will be used for big-ticket items in the energy sector, in developing the agricultural sector, and the ongoing digitization efforts, among others.
“All of these will need a great deal of support,” the President said as he reiterated the importance of public-private partnerships to promote national growth and development.
The President said professionals will manage the fund to ensure efficiency and that it goes to strategically important investments in the country.
“The management of the wealth fund must be seen to be rational, sober, professional… We will certainly make sure that anyone who will look at the fund will see that it is run professionally and properly. In that way, the wealth fund has a good future to be able, as I said, to succeed in doing what we want to do, which is leveraging what we have for these big-ticket investments,” Marcos said,
House Bill No. 6608 seeking the creation or the Maharlika Investment Fund Act (MIF) was passed by the House of Representatives in December after it was certified as urgent by the President. It has been transmitted to the Senate where a counterpart bill has yet to be filed.
The fund will be sourced from the investible funds of certain government financial institutions, from contributions of national government, and declared dividends of the Bangko Sentral ng Pilipinas, among others.
PRIORITY LEGISLATION
Speaker Martin Romualdez, who is part of the official delegation to the WEF, vowed to work for the speedy passage of measures to ramp up digitalization which the President underscored in the WEF as a key component in sustaining the country’s growth momentum.
Upon the resumption of the session next week, the Speaker said, among the top priorities of the House is the passage of the E-Government and E-Governance Act, which would help accelerate our digital transformation to fuel growth momentum.
“The House of Representatives remains committed to pass the priority legislation of President Marcos, including measures for digitalization in both government and private transactions that would bolster efficiency, productivity, and security,” he said in a statement.
In his opening remarks at the Country Strategy Dialogue on Tuesday, President Marcos stressed the importance of digitalization as a key driver for the long-term development and economic transformation of the Philippines to the post-pandemic global economy.
Romualdez said the establishment of the framework for digital transformation “will undoubtedly help enhance the prospect of the Philippines as an investment hub that President Marcos has successfully built up in Davos.”
Before the House adjourned for the Christmas break, the House approved the administration’s key legislative measures, including the MIF, the P5.268-trillion national budget for 2023, and 20 other priority bills.
Romualdez said the House will now have to work on measures included in the Common Legislative Agenda adopted by the Legislative-Executive Development Advisory Council.
These are the enactment of an enabling law for the natural gas industry; amendments to the Electric Power Industry Reform Act (EPIRA); unified system of separation, retirement, and pension; proposed National Land Use Act; proposed National Defense Act; proposed national government rightsizing program; budget modernization bill; proposed Department of Water Resources; establishing the Negros Island Region; proposed Magna Carta for Filipino Seafarers; and the establishment of regional specialty hospitals. — With Wendell Vigilia
