Metro Manila (CNN Philippines, July 18) — President Ferdinand Marcos Jr. allayed fears that the Maharlika fund law would be vulnerable to corruption, assuring the public that its “integrity” would be intact.
During his speech after signing the bill into law Tuesday, Marcos said that he was also monitoring some statements objecting to the establishment of a sovereign wealth fund, saying the money should be spent instead for infrastructure projects and developments of the agriculture and energy sectors.
READ: Marcos signs Maharlika fund bill into law
“Saan nyo kaya iniisip na ilalagay ‘yan? Bibili kami ng magagarang kotse? Bibili kami ng malaking yate? It makes me laugh because that is so far from the truth,” the president said.[Translation: Where do you think we will put the fund? Is it for buying fancy cars? Is it for buying big yachts?]Marcos vowed that the mentioned industries would get a big boost from the Maharlika fund.“All those critical sectors that have been left behind, that have to adjust to the new global economy, those are the pressure points that we will apply the fund on,” he said.
Through the Maharlika fund, Marcos said the Philippines could speed up the construction of 194 flagship projects approved by the National Economic and Development Authority Board.
READ: NEDA Board OKs ₱9-T infra projects
Marcos assured Filipinos that the fund would be managed by “highly competent personnel with a good track record and outstanding integrity.”“We remain steadfast in our commitment to transparency, accountability, and good governance in this massive and purposeful undertaking,” he added.
