Pimentel slams ‘soft launch’ of Maharlika wealth fund in WEF

MANILA, Philippines — Senate minority leader Aquilino “Koko” Pimentel III on Sunday chided the planned “soft launch” of the controversial Maharlika Investment Fund during the  World Economic Forum (WEF) in Davos, Switzerland.

READ: Marcos to ‘soft launch’ Maharlika Wealth fund in 2023 World Economic Forum

Pimentel tagged the said move as a mere “marketing strategy,” accusing the government of using the event to put pressure on the Senate to enact the contentious measure.

“It is more than a marketing strategy, it’s a move to tie the hands of Congress, particularly the Senate, on the controversial measure,” said Pimentel.

“It is too early, too premature. Sigurado ba silang lulusot sa Senado yang Maharlika Investment Fund bill (Are they certain that it will be passed by the Senate)?” he added.

According to Pimentel, he remained opposed to the said measure, explaining that it is prone to abuse and corruption similar to what happened in Malaysia.

He also raised concerns about the lack of transparency mechanisms, saying the management of the billions of funds will be left solely to the board.

“Instead of focusing our limited resources on the Maharlika Investment Fund bill, let’s debate on legislation that will improve the lives of our countrymen, control inflation, and create opportunities,” Pimentel said.

President Ferdinand Marcos Jr. earlier left to attend the WEF in Davos from Jan. 16 to 20.

The Department of Foreign Affairs previously said that Marcos plans to promote his proposed sovereign wealth fund during the said forum.

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