MANILA, Philippines — A political analyst of analytics group Octa Research expressed doubts about the Maharlika Investment Fund, saying the time is not right for the passage of the sovereign wealth fund.
“The context of the bill has good intentions, but I am not completely convinced about the Maharlika, about … this sovereign fund,” Octa political analyst Ranjit Rye said in a public briefing.
“While it’s something very positive, in my view, it’s not yet time for it, but that’s just my personal view,” Rye added.
Rye said the ball is now in the Senate’s court to strengthen the accountability and transparency of the bill.
“But on the other hand, the house has spoken, and they have shifted the conversation to refining the bill regarding transparency and accountability, improving the leadership structures of the bill.
“So I hope the Senate will continue to interrogate the intent of this bill and find out how it can further strengthen the accountability and transparency elements,” he said.
President Ferdinand “Bongbong” Marcos Jr., certified the passage of the sovereign wealth fund as urgent, according to the House of Representatives.
On Thursday, House Bill No. 6608 was approved, with 279 lawmakers voting affirmative while six voted against it. No legislator abstained from the voting.