MANILA, Philippines – The House committee on banks and financial intermediaries committees is tackling for the third time in less than a week a bill that seeks to establish the proposed Maharlika Wealth Fund.

On Monday, December 5, at 1:30 pm, government financial institutions led by the Government Service Insurance System will make their inputs on the proposal to the House panel.

The sovereign wealth fund, proposed by House Speaker Martin Romualdez and Senior Deputy Majority Leader Sandro Marcos among others, is gaining momentum in the lower chamber.

It has already been approved by the banks committee last week, while House ways and means panel chairman Joey Salceda promised to bring it to the plenary and have it approved on second reading by Wednesday, December 7.

Various groups have opposed the proposal, amid concerns about its speedy passage in the House, supposed lack of public consultation with GSIS and Social Security System members, and risks that come with investing government money.

Bookmark this page for the livestream of the hearing. – Rappler.com