Sovereign wealth fund bill could face lawsuit

By Beatriz Marie D. Cruz A PROPOSED sovereign wealth fund that Philippine President Ferdinand R. Marcos, Jr. pitched to world and business leaders in Davos, Switzerland this month risks getting voided by the courts for “sequestering” dividends from state companies, a congressman said on Tuesday. The so-called Maharlika Investment Fund bill, which the House of […]

Senate minority says Maharlika must benefit public, not investors

SENATE Minority Leader Aquilino Martin D. Pimentel III expressed doubts on Monday about private investment in the proposed sovereign wealth fund, saying that the interests of investors will take precedence over those of the public. “We are just creating a protected corporation, a protected entity whose beneficiaries are investors,” Mr. Pimentel told TeleRadyo. He added […]

Marcos plans Maharlika fund ‘soft launch’ at Davos meeting

PRESIDENT Ferdinand R. Marcos, Jr. will invite potential investors to provide capital to his proposed sovereign wealth fund at the World Economic Forum meeting next week, according to the Department of Foreign Affairs. The forum, gathering world leaders at the Swiss resort of Davos, is a “great venue” to introduce the administration’s sovereign wealth fund […]

DBP sees wealth fund role as provider of infra capital

THE Development Bank of the Philippines (DBP) views the proposed Maharlika Investment Fund (MIF) as a valuable source of long-term capital for developing infrastructure. In a statement, the bank’s President and Chief Executive Officer Emmanuel G. Herbosa said such investment will be critical for food, water, green energy, agro-industrial ventures, telecommunications, public infrastructure, and road […]

Opposition senator says proposed sovereign wealth fund counterproductive after others express reservations

AN OPPOSITION senator on Tuesday said the proposal to establish a sovereign wealth fund (SWF) is counterproductive, noting that it goes against the nation’s economic agenda.  “An SWF is meant to come from the excess funds we just don’t have, as seen by our trillions-worth of debt. We don’t need an SWF and we clearly […]

Cabaero: Retirees’ money

One objection to the creation of a sovereign wealth fund lies in the proponents’ intention to use the money of the Government Service Insurance System (GSIS) and the Social Security System (SSS). That is money contributed to the systems monthly to cover the members’ emergency needs and retirement; GSIS and SSS already have ways to […]

Changes sought in proposed sovereign wealth fund board with directors from private sector 

AMENDMENTS were proposed on Thursday to the composition of the board of directors for the planned sovereign wealth fund, with the inclusion of representatives from the private sector and academe who will not be chosen by the president.    At an online hearing of the House banking committee, Government Service Insurance System (GSIS) President Jose Arnulfo […]

GSIS to provide P125 billion to sovereign wealth fund

THE government financial institutions (GFIs) that will be tapped to provide capital and help manage a P250-billion sovereign wealth fund have disclosed their proposed contributions, with the pension fund for civil servants providing half the required initial funding. At an online hearing of the House banking committee, which is evaluating the banking-related provisions of House […]

Global gender wealth equity study finds women attain just three-quarters of men’s wealth at retirement

A NEW global study from WTW highlights a startling difference between the wealth accumulation of men and women at the point of retirement around the world. The 2022 WTW Global Gender Wealth Equity report showed that on average women are expected to reach retirement with just 74 percent of the wealth accumulated by men. In […]

TheCapitalNet awarded Best Private Market FinTech Solutions Provider 2022 by Wealth & Finance International

MENLO PARK, CA & HYDERBAD, IN, Sep 8, 2022 – (ACN Newswire via SEAPRWire.com) – TheCapitalNet, Inc., a leading enterprise SaaS and financial technologies company, has been awarded Best Private Markets FinTech Solutions Provider 2022 by Wealth & Finance International. TheCapitalNet was recognized for transforming the private markets and private investments eco-system through technology, while […]

HSBC starts Philippine wealth management arm, investment products

THE HONGKONG and Shanghai Banking Corp. Ltd. (HSBC) is expanding its investment offerings in the country following the launch of HSBC Wealth, the bank’s new Philippine wealth management arm. Incorporated as HSBC Investment and Insurance Brokerage Philippines Inc. or HIIB, HSBC Wealth was officially launched on Aug. 24 and is targeted mainly towards the country’s […]

Carvajal: Poverty’s opposite

“If we don’t have poor people anymore, who will be our drivers, our house-helpers, and errand boys?”Years back, a participant asked this question at the open forum of a consultation on the reproductive health law. It was addressed to a panelist who speculated on population control’s heavy impact on poverty reduction.My jaw dropped big time […]