It was in late November 2022 when seven members of the House of Representatives in late November 2022 including House Speaker Martin Romualdez and Ilocos Norte 1st District Rep. Sandro Marcos filed House Bill 6398, which calls for the establishment of the Maharlika Wealth Fund (MWF) as the Philippines’ sovereign wealth fund.
The establishment of a sovereign wealth fund in 2022 gained the approval of President Ferdinand “Bongbong” Marcos Jr., who thinks it will be beneficial for the nation.
The proposed bill establishing the sovereign wealth fund required the Government Service Insurance System (GSIS) and the Social Security System (GSIS) to make financial contributions to the MIF but the two organizations were removed as required contributors.
The bill was approved on the third reading in the lower house with 279 members voting in favor of enacting it after President Marcos declared it urgent. Apparently, there were netizens who were not in favor and among those is DJ Chacha.
In a tweet, she wrote: “279 ang bumoto pabor sa Maharlika Investmend Fund. Wow. Just Wow. May check and balance pa ba sa bayang ito?”
“WHY THE RUSH??? Madaling-madali kayong maipasa, ito na bang Maharlika Investment Fund ang magpapababa sa presyo ng sibuyas at mga iba pang pangunahing bilihin? Emz,” she added.