Sunday, February 5, 2023
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home Business

Diokno allays concerns over P275-b Maharlika Wealth Fund

Julito G. RadaOthel V. CamposbyJulito G. RadaandOthel V. Campos
December 5, 2022, 8:00 pm
in Business, Economy & Trade
Reading Time: 2 mins read
A A
Share on FacebookShare on TwitterShare on Email

By Julito G. Rada and Othel V. Campos

Finance Secretary Benjamin Diokno on Monday sought to assuage the concerns expressed by different groups on the proposed P275-billion Maharlika Wealth Fund.

“There will be an internal audit as well as external audit, not to mention the oversight committee of Congress… Let us have trust in ourselves… We are an open society, and we are not like other countries,” Diokno said during an interagency Development Budget Coordinating Committee briefing.

Government Service Insurance System president Wick Veloso said the government would ensure that the wealth fund would be transparent. “What we need is an investment strategy.. .We want to do this to help our economy…I will make sure that their [GSIS members’] money is protected,” he said.

Monetary Board member Bruce Tolentino said the Bangko Sentral ng Pilipinas supports any effort of the national government to widen its fiscal space. “We want to make sure that DBP [Development Bank of the Philippines] and LandBank [of the Philippines] will remain strong… We will check with potential investments in Maharlika,” Tolentino said.

ADVERTISEMENT

Business groups expressed concern over the plan to create the country’s first sovereign wealth fund. “We register our serious concerns and reservations against the proposed MWF on the principles of fiscal prudence, additionality, solvency of social pension funds, contingent liabilities, monetary independence of the Bangko Sentral ng Pilipinas, government in the economy and transparency,” the groups said in a statement.

The groups include the Foundation for Economic Freedom, Competitive Currency Forum, Filipina CEO Circle, Financial Executives Institute of The Philippines, Institute of Corporate Directors, Integrity Initiative Inc., Makati Business Club, Management Association of The Philippines, Movement for Good Governance, Philippine Women’s Economic Network, UP School of Economics Alumni Association and the Women’s Business Council Philippines Inc.

The groups said in a joint statement the Philippines has neither commodity-based surpluses, nor surpluses from external trade from which the government can tap as source for the SWF.

Moreover, government-owned-and-controlled corporations are also far from generating large operating surpluses, they said.

The groups asked the government to focus on managing fiscal deficit and the public debt to avoid a downgrade of the country’s credit rating and use revenues to cover public expenditures.

“Instead of leaving a legacy of surplus funds to be managed for future generations, the current generation is leaving a legacy of heavy indebtedness which future generations need to pay or refinance. There is no need, or even justification, to pool the reserves of government financial institutions (GFIs) and pension funds into larger amounts in order to earn higher returns,” the statement read.

Tags: Finance Secretary Benjamin DioknoGovernment Service Insurance SystemGSISMaharlika Wealth FundWick Veloso
ADVERTISEMENT
Julito G. Rada

Julito G. Rada

Othel V. Campos

Othel V. Campos

Related Posts

Cebu-based micro-enterprise continues to innovate, diversify

byOthel V. Campos
February 4, 2023, 7:10 pm
0
8
Pharma firm releases new Access to Medicines report

Multi-awarded micro-enterprise Sandria’s Delicious Concept is rebooting systems to start anew projects stalled by the health crisis, building more connections...

Read more

Pharma firm releases new Access to Medicines report

byManila Standard Business
February 4, 2023, 7:00 pm
0
8
Pharma firm releases new Access to Medicines report

Biopharmaceutical leader Takeda recently released its Access to Medicines Progress Report 2022, highlighting the company’s efforts in broadening access to...

Read more

Sustainable packaging takes centerstage at Propak PH

byManila Standard Business
February 4, 2023, 6:50 pm
0
8
Sustainable packaging takes centerstage at Propak PH

The World Packaging Organization (WPO) called on stakeholders and players in the packaging and manufacturing industries to educate people better...

Read more

LandBank engages Lake Sebu stakeholders on capacity building

byManila Standard Business
February 4, 2023, 6:40 pm
0
8
Sustainable packaging takes centerstage at Propak PH

The Land Bank of the Philippines through its foundation conducted trainings on financial literacy and natural farming in Lake Sebu...

Read more

E-commerce enabler gets 3-star award as Lazada partner

byManila Standard Business
February 4, 2023, 6:30 pm
0
8
E-commerce enabler gets 3-star award as Lazada partner

Leading e-commerce enabler for brands in the Philippines, etaily, was the recipient of the 3-star certification from the Lazada Partners...

Read more

BPOs to boost office space demand in 2023

byOthel V. Campos
February 3, 2023, 9:55 pm
0
8
BPO Philippines: Offshore Outsourcing vs. Staffing

Office space demand in the Philippines is expected to double to 228,000 square meters in 2023 from 110,500 sq. m....

Read more

Print Edition

View More

Recent Posts

  • Coach Tiu: Dubai tourney good experience for Strong Group
  • Amazon Sets a New Record for Most Renewable Energy Purchased by a Single Company
  • Kaspersky Threat Intelligence enhances its threat data feeds, threat analysis, brand protection capabilities
  • Check out Tommy Hilfiger’s February 6 store launch on Shopee
  • Nine missing after fishing boat capsizes in South Korea
  • Endangered monarch butterflies face perilous storm
  • Pelicans down Lakers as James moves 36 points from NBA scoring record
  • Can Beyonce finally take home the top Grammy?

Advertisement

Latest News

Endangered monarch butterflies face perilous storm

byAFP
February 5, 2023, 11:30 am
0
8
Endangered monarch butterflies face perilous storm

As devastating storms pounded California, nature lovers feared for endangered monarch butterflies that winter there as part of a seemingly magical...

Read more

Pelicans down Lakers as James moves 36 points from NBA scoring record

byAFP
February 5, 2023, 11:00 am
0
8
Pelicans down Lakers as James moves 36 points from NBA scoring record

The New Orleans Pelicans snapped a 10-game losing streak with a 131-121 victory over the Los Angeles Lakers on Saturday,...

Read more

Can Beyonce finally take home the top Grammy?

byAFP
February 5, 2023, 10:00 am
0
8
Can Beyonce finally take home the top Grammy?

As music's elite gather in Los Angeles for the Grammy awards on Sunday, one question is playing on loop: Will...

Read more

As pandemic fades, Guatemalan motorcyclists resume religious pilgrimage

byAFP
February 5, 2023, 9:30 am
0
8
As pandemic fades, Guatemalan motorcyclists resume religious pilgrimage

Thousands of motorcyclists on Saturday roared 140 miles across Guatemala in a rolling procession to venerate a religious crucifix, the...

Read more

‘Consensus’ with Zelensky that Western arms do not hit Russia: Scholz

byAFP
February 5, 2023, 9:00 am
0
8
‘Reconsider weapon export policy’; NATO to SoKor: Step up for Ukraine

Ukraine's President Volodymyr Zelensky agrees that weapons supplied by the West will not be used to attack Russian territory, Germany's...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App