Manolo Quezon is #TheExplainer Newsletter - The Great Sovereign Fund Boondoggle
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This week's The Long View: Sovereign wealth fund’s fork in the road | Inquirer Opinion — opinion.inquirer.net By: Manuel L. Quezon III - @inquirerdotnet Philippine Daily Inquirer / 05:07 AM November 30, 2022 Speaker Ferdinand Martin Romualdez and senior deputy majority leader Ferdinand Alexander Marcos III have filed a bill to create a sovereign wealth fund. Essentially, it would mandate the Government Service Insurance System (GSIS), Social Security System (SSS), Landbank, and Development Bank to pool their resources to be able to invest as a sovereign wealth fund. The fund would be under the direction of a board consisting of nominees of the participating government financial institutions, as well as two independent directors. The Romualdez-Marcos scheme comes at the heels of similar proposals dating back to the previous administration or even earlier. Back in 2016, Sen. Bam Aquino filed a bill (Senate Bill No. 1212) to create a sovereign wealth fund. In 2018, Sen. JV Ejercito filed a similar bill (SB 1764). In December of that year, then Finance Secretary Carlos Dominguez III was reportedly supporting legislation to unify the efforts of the SSS and GSIS in investments. Writing in The Diplomat in 2020, Mark Manantan, Emerson M. Sanchez, and Jayson S. Lamchek pointed to the scandals surrounding the government’s (mis)use of the Malampaya windfall funds, and speculated the development of the Benham Rise would risk the possibility of similar corruption-related scandals. Why not, suggested the authors, consider the creation of a sovereign wealth fund, which they linked to a 2016 proposal by Russell Stanley Geronimo.
Manolo Quezon is #TheExplainer Newsletter - The Great Sovereign Fund Boondoggle
Manolo Quezon is #TheExplainer Newsletter …
Manolo Quezon is #TheExplainer Newsletter - The Great Sovereign Fund Boondoggle
This week's The Long View: Sovereign wealth fund’s fork in the road | Inquirer Opinion — opinion.inquirer.net By: Manuel L. Quezon III - @inquirerdotnet Philippine Daily Inquirer / 05:07 AM November 30, 2022 Speaker Ferdinand Martin Romualdez and senior deputy majority leader Ferdinand Alexander Marcos III have filed a bill to create a sovereign wealth fund. Essentially, it would mandate the Government Service Insurance System (GSIS), Social Security System (SSS), Landbank, and Development Bank to pool their resources to be able to invest as a sovereign wealth fund. The fund would be under the direction of a board consisting of nominees of the participating government financial institutions, as well as two independent directors. The Romualdez-Marcos scheme comes at the heels of similar proposals dating back to the previous administration or even earlier. Back in 2016, Sen. Bam Aquino filed a bill (Senate Bill No. 1212) to create a sovereign wealth fund. In 2018, Sen. JV Ejercito filed a similar bill (SB 1764). In December of that year, then Finance Secretary Carlos Dominguez III was reportedly supporting legislation to unify the efforts of the SSS and GSIS in investments. Writing in The Diplomat in 2020, Mark Manantan, Emerson M. Sanchez, and Jayson S. Lamchek pointed to the scandals surrounding the government’s (mis)use of the Malampaya windfall funds, and speculated the development of the Benham Rise would risk the possibility of similar corruption-related scandals. Why not, suggested the authors, consider the creation of a sovereign wealth fund, which they linked to a 2016 proposal by Russell Stanley Geronimo.