Alan Cayetano offers alternative to Maharlika corporation

Alan Cayetano offers alternative to Maharlika corporation

Metro Manila (CNN Philippines, February 14) — Instead of putting up a new corporation, Senator Alan Peter Cayetano said the country may test the waters first and let existing government financial institutions manage their own investment funds.

“Why not create a Maharlika fund in all government financial institutions na may [that have an] investment fund pero sila pa rin ang nagma-manage [but they will still be the ones to manage these],” Cayetano told reporters on Tuesday.

“If it works, then before the end of the administration, then saka tayo magbuo ng corporation [then we will form a corporation],” he said, adding that there could be a trial period of two years.

Cayetano is chairman of the Senate Committee on Government Corporations and Public Enterprises -– the secondary committee in charge of the proposed Maharlika Investment Fund.

His idea is similar to what Senate Deputy Minority Leader Risa Hontiveros suggested during the last hearing. But Finance Secretary Benjamin Diokno said projects will be completed faster using a single fund managed by the Maharlika Investment Corporation.

Cayetano said it’s not a question of good or bad. “It’s a matter of what’s best and the timing, kasi maraming nag-fail na investment fund na separate, and then maraming controversy regarding Filipino oligarchs participating directly [because there are many failed investment funds that are separate, and then there are a lot of controversies regarding Filipino oligarchs participating directly].”

While he was not present during the hearing led by Senate Committee on Banks chairman Mark Villar, Cayetano said he is monitoring the proceedings and doing his own study for now.