Retired Supreme Court Justice Antonio Carpio has sounded the alarm over a potential constitutional issue with the proposed Maharlika Wealth Fund. The fund, aimed at investing surplus government reserves and revenues, may infringe on the rights of Social Security System (SSS) and Government Insurance System (GSIS) members.
According to Carpio, the use of SSS and GSIS funds for the Maharlika Sovereign Wealth Fund would be unconstitutional. He argues that these funds are personal contributions from members and their employers, and their income should only benefit them, not non-contributors.
The proposal has sparked concerns among stakeholders, including Bangko Sentral Governor Felipe Medalla and business groups like Makati Business Club (MBC) and Management Association of the Philippines (MAP). Even Senator Maria Imelda "Imee" Marcos has expressed reservations, citing the potential for graft issues similar to those faced by 1Malaysia Development Berhad (1MDB).
Finance Secretary Benjamin Diokno downplayed criticisms, attributing them to a lack of understanding about the bill’s safeguards.
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