Netizen Reacts Against Critics of Maharlika Wealth Fund

The controversial Maharlika Investment Fund which was called out by critics of Pres. Bongbong Marcos as "dubious," caught the attention of veteran blogger and influencer Krizette Laureta Chu who reacted on the said issue. 


According to Krizette Chu she is now wondering why the Kakampink were really furious with the Maharlika Fund as she reminded that the previous author of Senate Bill 1212 was no other than former lawmaker Bam Aquino, Leni's brilliant political strategist and campaign manager. 


The critics of the Marcos admnistration claimed that the hasty approval of the measure which will use billions of funds from the Government Service Insurance System and the Social Security System. 

Last Thursday, the House Committee on Bank and Financial Intermediaries approved House Bill (HB) 6398 on the proposed P275 billion Maharlika Wealth Fund Act.

Under the bill, at least P125 billion of the Maharlika Wealth Fund Act will be sourced from the GSIS, P50 billion each from the SSS and Land Bank of the Philippines, and P25 billion each from the Development Bank of the Philippines (DBP) and Treasury of the Philippines.

Krizette Chu stated the original senate bill regarding the wealth funds was authored by Sen. Bam, how come nobody from the Kakampinks were complaining about the issue when compared to the controversies being raised right now by the critics of the Marcos administration.


The blogger and social media defender of the Marcos administration, Krizette Chu explained that the Kakampinks hate the idea when it's being pushed by Marcos allies, but in 2016, when their beloved Noynoy cosplayer pitched it, no complaints ever heard from the Kakampinks. 

Krizette noted further that the only difference is that Bam did not specify the sources of funding, only that it would initially be capitalized at 4 billion dollars, and to be annually funded at 0.5 percent of the Philippine GDP. Another 3 billion dollars would be added from "another funding source."

The Maharlika Fund Investment Fund bill was criticized by ACT Party-list Rep. France Castro by saying that the Makabayan Bloc in the House of Representatives will scrutinize the legality of the proposed investment fund. 

Aside from the Makabayan bloc, veteran journalist Arnold Clavio also criticized the said controversial sovereign wealth fund patterned after some rich countries in the Middle East and other parts of Asia. 

Source: The Manila Times

Netizen Reacts Against Critics of Maharlika Wealth Fund Netizen Reacts Against Critics of Maharlika Wealth Fund Reviewed by PhilNewsXYZ on December 04, 2022 Rating: 5
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