MANILA, (PIA) -- An economist expressed support to the proposed Maharlika Wealth Fund being pushed by some lawmakers.

In the Laging Handa briefing, economist Dr. Michael Batu said that the concept of having a sovereign wealth fund is not new.

Because more than 50 countries, including neighboring countries in Asia, have sovereign investment funds, he said.

Batu explained that under the sovereign wealth fund, the government will have the opportunity to invest and participate in the purchase of stocks, bonds and real estates.

The economist also mentioned three possible benefits when the sovereign wealth fund is successful, including job creation because the government can partner with companies abroad, which the Government Service Insurance System (GSIS) or the Social Security System (SSS) cannot do.

He said it will also add to the income of the national government to spend on programs, meet the budget deficit and reduce the country's debt.

He also believes that the sovereign wealth fund will strengthen the pension system, thereby benefiting senior citizens.

The economist added, if the Maharlika Wealth Fund can be enacted, it is only necessary to have safeguards to protect the people's money and ensure transparency for it to succeed. (PIA-NCR)