Finance Secretary Benjamin Diokno defended Friday the proposed Maharlika Wealth Fund, saying it has transparency and accountability safeguard to prevent it from suffering the same fate as Malaysia’ corruption-riddled 1Malaysia Development Berhad (1MDB).
Finance Secretary Benjamin Diokno defended Friday the proposed Maharlika Wealth Fund, saying it has transparency and accountability safeguard to prevent it from suffering the same fate as Malaysia’ corruption-riddled 1Malaysia Development Berhad .
“There are many layers of audits, we have an internal auditor, we have an international auditor, and then we have COA ,” the Finance chief said. “We want to make sure that this is on the level, transparent, there’s accountability, there’s a published report, we submit a report to the President. And this will be published so we can be sure that the people would know where that money is going," he said.
"In a situation where high rewards are likely, we also need to manage risks. Ito naman ang dahilan kaya maraming safeguards sa batas. Natuto na tayo sa Malaysia kung saan isa lang ang signatory at sisiguraduhin natin na hindi tayo matutulad sa kanila [This is why we have many safeguards. We've learned from Malaysia which only had one signatory and we will make sure we won't go the same route]," the House leader said.
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