Budget Secretary Amenah Pangandaman says that 'we don’t have to be so scared' about establishing the Maharlika fund as the proposal comes with enough safeguards.
MANILA, Philippines – The Marcos administration’s economic team is in talks with the World Bank, International Monetary Fund , Asian Development Bank , and Milken Institute regarding the viability and best practices of establishing a sovereign wealth fund.
Finance Secretary Benjamin Diokno – who, at that time, was serving as BSP governor – believed that the BSP then had excess reserves, which could be invested in a fund. The IMF recommended having at least 3 months worth of reserves; the BSP then had 10 months worth. It was also during this time that the BSP had consulted with the ADB and IMF on establishing a sovereign wealth fund. However, the international development organizations advised against having the BSP establish the fund, as it would fall outside of the central bank’s mandate.okay. Both development partners said it’s okay, you need to revise the mandate and the charter of the Bangko Sentral ng Pilipinas.
“I think Secretary Ben Diokno is talking to World Bank. We will also start engaging again with ADB and IMF,” she added.
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