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Magli-live react tayo dito sa Sit Down with the Broadcast Media interview ni President Bongbong Marcos.

You have lawmakers, opposition lawmakers who say that under the law, 50% of the income of GOCCs have to be remitted to the National Treasury and you use it for the budget.

So along with that, how could you ensure that the fund won't be used for money laundering given you will be accepting private funding?

There's two in one there. We'll do the first one first. First of all, the idea of using the GOCCs to put value into the Marlica Fund was broached in Davos.

I don't know why it made this news here immediately to the Philippines. People are very concerned about it.

I watched your interview with Congressman Edsel Legman this morning and I have heard the comments that Congressman Joey Salcedo has made and his concerns that he had aired.

I agree with him. You cannot use funds of the GOCC. What will the government spend? It was a proposal. It's not something that we have adopted.

There are several problems because I remember one, we had a little meeting lasted about 15 minutes and that was proposed.

But after the meeting, I pulled Secretary Ben Jocno aside and we said, what do you think? I said it's too disruptive.

Every single GOCC has its own charter. You will then revise all of those charters to align with the Marlica Fund.

That's not the purpose of the GOCC, number one. Number two, this is a lot of income that goes to the national government.

It will suddenly disappear. It will not disappear. It will go into the Marlica Fund and cannot be used for the budget of the national government.

We have many things that we would like to appropriate in the coming years and we will need those funds.

I don't think that's a viable proposition, at least not for us. I've seen, I know that there are other sovereign wealth funds that did it that way.

But it's not suitable for us. We are a little lukewarm about that idea.

The worry about the fund being used as a money laundering device implies that private monies will be put into the fund.

But yes, private monies will be involved with the fund, but it's not a savings account that you just put it there and it stays there.

No, what will happen is the Marlica Fund will serve as the seed fund for the Sovereign Wealth Fund.

The 40 billion, 30 billion, 40 billion, whatever it may come to at that point, is going to serve as a seed money for the fund.

Now, whenever we come into partnership, we do a G2G with Japan, for example, or we do a PPP with some big outfit,

then it is only the time that the monies come into the fund to be used for the program.

It's not like, just give me a few billion dollars and I'll just put it there. It's not like that at all.

In fact, even on our end, we will only deploy funds when there is a very specific project to be paid for.

So money laundering just won't come into it.

That's what I'm not talking about.

That part is not often talked about. That part that BBBM said about the Marlica Wealth Fund.

Actually, it is even news to me now. It's news to me that the purpose of the Marlica Wealth Fund is not even for the investment of the government abroad.

That's the initial thought. That's the initial sale that the Marlica Fund will be used to invest in various private companies so that the profits from those private companies will go back to the Marlica Wealth Fund.

That's what we all understand. That's the first sale.

Right now, it seems different. That's a different story. According to what BBBM said, the story now is the Marlica Wealth Fund will only serve as a seed money for the sovereign wealth fund.

Then, what will be done is the Philippines will have projects that will be funded and will go through the Marlica Wealth Fund.

Since there is a private component, meaning private citizens can be involved in this project, we can also invest. That's what I understand now.

For example, a subway will be built. The Marlica Wealth Fund will get the budget from the Marlica Wealth Fund and will disburse it to the Marlica Wealth Fund.

We, as private citizens, can also invest in that specific project through the Marlica Wealth Fund. That's how it is now.

Let's say that the profit from that construction will go back to us. That's how it is now.

I think we need to read those details first. Right now, the direction of what the Marlica Wealth Fund is has changed.

About the Marlica Investment Fund, the Congress is back in session. What is your message to the Senate?

The ball is now in their court regarding the MIF. When will you target the law?

Ang message ko sa Senado, suriin ninyo nang mabuti para magandang maganda ang matas natin. Suriin ninyo nang mabuti.

Mas maganda na matapos sa lalong madaling panahon. Pero hindi naman dapat imadali dahil napaka importante lahat ng mga...

... Ang buwat salita na ilalagay mo sa batas na yan, may kabuluhan yan. Hindi mo basta pwede, tama na yan. Kailangan talaga ang pag-aaralan ng mabuti.

Malaki naman ang tiwala ko sa mga senador. Alam naman nila ang kanilang trabaho. Pag-aaralan talaga nila ng mabuti yan and that's the process.

Tama yan. But in terms of when scheduled, nag-release ng statement si Senate President na baka by Holy Week matapos na. Maganda yan. That would be good.

At ako sa akin, mas importante na maging tama kaysa maging mabilis. Kailangan gawin nating tama kahit na lahat naman masyadong matagal. Pero basta makuha. We have to get it right. We cannot make that. Getting it wrong would be a very bad mistake.

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