The proposed P275-billion Maharlika Wealth Fund (MWF) has enough safeguards in it to prevent its embezzlement a la the 2016 1Malaysia Development Berhad scandal or 1MDB scandal in Malaysia.
The proposed P275-billion Maharlika Wealth Fund has enough safeguards in it to prevent its embezzlement a la the 2016 1Malaysia Development Berhad scandal or 1MDB scandal in Malaysia.Albay 2nd district Rep. Joey Salceda made this assurance Friday, Dec. 2, a day after House Bill No.6398 or the proposed Maharlika Wealth Fund Act was approved at the committee level.
“The President is the chairman of the board unlike in Malaysia, you know, na itinago nila sa ilalim ,” he said.The P275-billion MWF, which has been described as priority of President Ferdinand “Bongbong” Marcos Jr., is basically a sovereign wealth fund. Salceda also dispelled the notion that there’s a conflict of interest if Marcos sits as chairman of the board of directors of the proposed MWF.
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