January 27, 2023

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Arnold Clavio Responds to Proposed Maharlika Wealth Fund

Arnold Clavio expresses his reactions to the proposed Maharlika Wealth Fund

Veteran broadcaster Arnold Clavio expresses his reactions to the government’s proposed Maharlika Wealth Fund.

The proposed P250 billion Maharlika Sovereign Wealth Fund under President Ferdinand “Bongbong” Marcos Jr. received a response from journalist Arnold Clavio. In his tilasik, Clavio expressed some of his concerns about the sovereign wealth fund mentioned above.

According to the report, the Government Service Insurance Service (GSIS), Social Security System (SSS), Land Bank of the Philippines (LDP) and Development Bank of the Philippines will fund wealth fun (DBP). Clavio discussed several issues, including Antonio Carpio’s point of view as a former Supreme Court Justice.

Carpio called the use of funds from SSS and GSIS member contributions to fund the Maharlika SWF “unconstitutional.” By law, non-members who have not contributed to the SSS and GSIS funds cannot receive income from these funds.

“The law cannot allocate income from the SSS and GSIS funds to non-members who have not contributed to the fund. This is taking private property for public use without adequate compensation, which VIOLATES THE CONSTITUTION,” Carpio said.

If this strategy is carried out, Clavio referred to the SSS and GSIS members as “poor”. It also discussed the difficulties currently faced by other countries, including Malaysia, that have set up sovereign wealth funds.

“It is important that you meet the 40.49 mph time of SSS and the 2.53 mph time of GSIS to be consulted,” said the journalist.

“Are the bansa, the accumulation of sovereign wealth, is published in KORAPSYON and now in Gobyerno’s government,” he added.

Clavio argued that given the Philippines’ significant debt burden, it was not yet time for the country to set up a sovereign wealth fund. Arnold’s post mentioned above has received hundreds of comments online.

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