MANILA, Philippines — One in every two Filipinos supports the establishment of a Maharlika Investment Fund (MIF), according to a survey conducted by research firm Tangere.
Of the 2,400 survey respondents, Tangere CEO and founder Martin Peñaflor said 2,010 or 83.75 percent were aware of the MIF issue.
He said of those aware, 54.08 percent either strongly supported (21.84 percent) or somewhat supported (32.24 percent) the bill’s passage into law, while 21.34 percent were neutral and 24.58 percent either somewhat or strongly opposed the measure.
The House of Representatives approved the bill on third reading last week.
However, the number of those who agree to have government financial institutions (such as the Government Service Insurance System, Social Security System, Landbank and Development Bank of the Philippines) as source for the funds for the MIF is lower at 45.87 percent (with 19.50 percent strongly agreeing and 26.37 percent slightly agreeing).
The mobile-based survey was conducted last Dec. 8 to 10. Survey respondents represented Metro Manila, North and Central Luzon, South Luzon, the Visayas and Mindanao.
Of the respondents, 12 percent were from Metro Manila, 23 percent from North and Central Luzon, 22 percent from South Luzon, 20 percent from the Visayas and 23 percent from Mindanao. It had a margin of error of 2.191 percent.
The Makabayan bloc in the House maintained that the Philippine sovereign wealth fund was both “dangerous” and “untimely.”
Speaker Martin Romualdez welcomed the result of the survey. “We are happy with the survey, which to us means that we are on the right track in advocating the establishment of this sovereign wealth fund, which is intended to benefit future generations of Filipinos,” Romualdez said.
“It shows that our advocacy has the support not just of major business groups but of the general population as well,” Romualdez said.
Peñaflor pointed out that 73.14 percent “also believe that the government should be coming up with creative sources of revenue, other than raising or requiring additional taxes.” Romualdez is the principal author of House Bill 6608, which seeks to establish the MIF.
Meanwhile, the Philippine Stock Exchange (PSE) has become the latest business group to support the measure.
In a statement for his organization, PSE president and CEO Ramon Monzon said the proposed sovereign wealth fund would be helpful in mobilizing capital for development.
Romualdez earlier said enough safeguards, including transparency, have been written into the bill to ensure proper use of the planned sovereign fund and prevent abuse and corruption.