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 […]
Tag: wealth
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 […]
Opposition cites revenue potential of wealth tax vs luxury tax
THE Makabayan bloc of legislators said a wealth tax will generate more revenue than a proposed tax on luxury goods. The proposed revenue from taxing luxury goods “is very small compared to the billions in income generated by the wealthy,” Deputy Minority Leader France L. Castro said during a news conference on Thursday. Representative Jose […]
Opposition senator questions Marcos’ planned Davos pitch of still non-existent wealth fund
THE SENATE minority leader has called President Ferdinand R. Marcos, Jr.’s plan to do a “soft launch” overseas of a still unapproved wealth fund a “ploy” to force the bill’s passage in the upper chamber. “It is more than a marketing strategy, it’s a move to tie the hands of Congress, particularly the Senate, […]
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 […]
Economic team pushes for approval of Maharlika Wealth Fund
Economic managers said they “strongly support” the creation of the Maharlika Wealth Fund (MWF), after lawmakers agreed to remove a provision in the bill that would have sourced its funding from state-run pension funds.“We, the economic managers of the Marcos Jr. administration, strongly support the creation of the Maharlika Wealth Fund as a vehicle to […]
Editorial: Maharlika Wealth Fund: A risky proposal
Lawmakers from the House of Representatives who authored the proposed P275-billion Maharlika Wealth Fund have changed tune—they have decided to remove the Social Security System (SSS) and the Government Service Insurance System (GSIS) as funding sources in the bill. This came after the bill attracted criticisms, specifically from SSS and GSIS pensioners who said they […]
Labor group stages protest vs sovereign wealth fund
A LABOR group on Wednesday staged a protest against a proposal to establish a sovereign wealth fund, which would source capital from state-run pension funds. The Bukluran ng Manggagawang Pilipino (BMP), in a statement, said the government should not gamble funds meant to benefit both private and public sector workers, including minimum-wage earners. “The Social […]
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 […]
Romualdez files bill creating sovereign wealth fund
SPEAKER Ferdinand Martin G. Romualdez has filed a bill that, if passed, would create a sovereign wealth fund to be seeded by the major pension funds and government banks. House Bill 6398, filed on Monday, seeks to establish the so-called Maharlika Investments Fund (MIF), which will “optimize investment allocation” by the Government Service Insurance System, […]
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 […]
SC rules in favor of firm linked to Imelda Marcos’ deceased brother
THE SUPREME Court (SC) has ordered the country’s anti-graft court and the Presidential Commission on Good Government (PCGG) to release the shares of a company linked to the late dictator Ferdinand E. Marcos’ brother-in-law. In a 17-page decision on July 6 and made public on Sept. 21, the SC First Division ruled that the Sandiganbayan […]
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 […]
Malilong: A clean slate for my president
I met Bongbong Marcos once. In fact, I had dinner with him. To be more accurate, I was with a group that had dinner with him. He was seated beside our host, Bob Gothong. I sat across from them. That was many years ago when his father was monarch, emperor and military commander rolled into […]
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 […]