"I don't think they are in the position to invest in these projects." The Federation for Economic Freedom told #TheBigStory that it is "not appropriate" to use funds from SSS and GSIS for the proposed sovereign wealth fund, saying they "cannot afford to lose on the principal."
The group's president Calixto Chikiamco though says the Maharlika Wealth Fund would be a good idea only if there's a rule of law, "If there is no accountability through a rule of law where the malefactors are convicted and sent to jail, then those safeguards are useless."
Under the proposed sovereign wealth fund, some P275 billion will be sourced from the GSIS, SSS, Landbank, DBP, and other government-owned and controlled corporations and financial institutions to be pooled.
But several business organizations and lawmakers have expressed "serious concerns and reservations" regarding the bill.
Meanwhile, UA&P economist Vic Abola shares on #BusinessWorldLive the same sentiment that contributions to state insurers should not be tapped for the Maharlika Wealth Fund. He also warns "to be careful" in choosing who will manage the proposed fund.