Now that details of the proposed Maharlika Wealth Fund Bill have emerged, George T. Barcelon, president of the Philippine Chamber of Commerce and Industry (PCCI) is recommending that the creation of such fund both in amount and timing be reconsidered.
In a televised interview, Barcelon recommended that the MWF be put in the backburner saying, “Pooling resources from the revenues of the national government, the Central Bank’s and government-owned financing institutions’ may impact on the sustainability of the country’s welfare system and financial standing.”
Barcelon stressed, “Our government must make sure that no action will affect our presently good credit standing which provide us lower foreign loans.”
Looking ahead the need of these loans in funding big-ticket infrastructure projects undertaken by the national government is crucial.
While acknowledging that having a sovereign wealth fund could serve as conduit to further grow the local economy, Barcelon said the timing may not be right considering the uncertainty of the financial market due to the geopolitical situation, and recent cryptocurrency fiasco.”