"Nothing to present"
Hontiveros says don't jump the gun on Maharlika Wealth Fund

Senator Risa Hontiveros said on Monday that it is a premature move to "present" the Maharlika Wealth Fund at the upcoming World Economic Forum given that the bill establishing such fund has not yet passed the Senate.

"A soft launch is premature. There is nothing to present. The bill establishing such a sovereign wealth fund has not yet been deliberated at the Senate -- isn't it jumping the gun to be talking about it in front of world economic leaders? Hilaw ang diskusyon at maraming butas ang konsepto, magmumukhang amateur ang Presidente," Hontiveros said.

She made the statement after the Department of Foreign Affairs (DFA) announced that the President would be promoting his proposed sovereign wealth fund before political, business, and civil society leaders at the WEF in Davos, Switzerland.

"Indeed, it makes sense to talk to an international audience about a domestically-oriented sovereign development fund if there is already a portfolio of attractive projects that have been assembled. But we don't have that yet", Hontiveros said.

The Senator also stated that compared to well-prepared Indonesia, the Philippines lacks wealth windfall from exports to seed the sovereign fund and the portfolio of ready projects to attract investors.

"Indonesia has been touring the international circuit because it has tens of billions of dollars worth of ready projects that have been individually structured to attract capital. Indonesia also had significant windfall from its petroleum and mineral exports -- with which it has decided to seed the Indonesian Investment Authority. Unfortunately, we do not have either of these two," she emphasized.

She also pointed out that the country has been recently buffeted by high food prices and high energy prices. The situation at home is far from having been stabilized and polls show a very high dissatisfaction rating of how the administration is handling inflation.

"Maraming problema ang bansa na dapat unahin. Problemang direktang tumatama sa mga Pilipino gaya ng mataas na presyo ng bilihin. Sana yung level ng energy na mayroon sa pagpupush ng wealth fund na ito ay mas higit pa para sa pagresolba ng isyu sa mataas na presyo ng sibuyas, itlog at iba pang agricultural products," she concluded.

Hontiveros: Sovereign wealth fund, hilaw pa; pag-presenta sa Davos, masyado pang maaga

Sinabi ni Senador Risa Hontiveros nitong Lunes na premature na "ilahad" ang Maharlika Wealth Fund sa World Economic Forum dahil hindi pa dumadaan sa Senado ang panukalang batas na nagtatatag ng pondong ito.

"A soft launch is premature. There is nothing to present. The bill establishing such a sovereign wealth fund has not yet been deliberated at the Senate -- isn't it jumping the gun to be talking about it in front of world economic leaders? Hilaw ang diskusyon at maraming butas ang konsepto, magmumukhang amateur ang Presidente," ayon kay Hontiveros.

Sinabi ito ng Senador matapos ipahayag ng Department of Foreign Affairs (DFA) na isusulong ng Pangulo ang kanyang proposed sovereign wealth fund sa harap ng political, business, at civil society leaders sa WEF sa Davos, Switzerland.

"Indeed, it makes sense to talk to an international audience about a domestically-oriented sovereign development fund if there is already a portfolio of attractive projects that have been assembled. But we don't have that yet", ani Hontiveros.

Ayon pa kay Hontiveros, kung ikukumpara sa mahusay na paghahanda ng Indonesia sa kanilang wealth fund, ang Pilipinas ay kulang sa wealth windfall mula sa exports upang mapunan ang sovereign fund at wala ring portfolio ng mga proyekto na mag-eengganyo sa mga investor.

"Indonesia has been touring the international circuit because it has tens of billions of dollars worth of ready projects that have been individually structured to attract capital. Indonesia also had significant windfall from its petroleum and mineral exports -- with which it has decided to seed Indonesian Investment Authority. Unfortunately, we do not have either of these two," sabi ni Hontiveros.

Binigyang-diin din niya na patuloy na humaharap ang bansa sa mataas na presyo ng pagkain at kuryente. Hindi matatag ang ekonomiya ng bansa at napatunayan din sa mga poll na hindi kumbisindo ang karamihan sa pagtugon ng administrasyon sa tumataas na inflation.

"Maraming problema ang bansa na dapat unahin. Problemang direktang tumatama sa mga Pilipino gaya ng mataas na presyo ng bilihin. Sana yung level ng energy na mayroon sa pagpupush ng wealth fund na ito ay mas higit pa para sa pagresolba ng isyu sa mataas na presyo ng sibuyas, itlog at iba pang agricultural products," pagtatapos niya.