“Former senator Bam Aquino was the originally proponent of a sovereign wealth fund similar to the Maharlika Wealth Fund recently proposed by House Speaker Martin Romualdez and Rep. Sandro Marcos.”
What Vera Files found
Bam Aquino, a cousin of the late president Benigno Aquino III, indeed filed a bill creating a sovereign wealth fund. However, Aquino’s bill provided that funding for the SWF would come from the General Appropriations Act. Ejercito’s bill filed in 2018 had a similar funding provision. On the other hand, the Maharlika Wealth Fund co-authored by House Speaker Martin Romualdez and Sandro Marcos proposes that the initial capitalization be drawn from the investible funds of GSIS (P125 billion), SSS...
Their words, from the summary they publish with the rating.
In short
Gloria Macapagal-Arroyo and Sandro Marcos made this claim around 5 December 2022. Vera Files (Philippines) looked into it and published its finding on 7 December 2022, 2 days later. Its rating was “Needs context”.
Where the claim appeared
- YouTube videohttps://youtu.be/iJ0Th91PruQ
Links recorded by Vera Files. Some posts may have been deleted since.
This check was done by Vera Files, not by DoesItStand. We list it so you can find it. Their full evidence and reasoning are in their article.