Charles Teves
Ilocos Norte Rep. Sandro Marcos has falsely claimed that the Indonesian sovereign wealth fund (SWF) has generated $23 billion in earnings since its launch last year.
Marcos held a press conference in his district office on November 30 to discuss his plans to create a government investment fund called the Maharlika Investment Fund. This fund will help pay for projects that have been delayed or canceled due to a lack of funding.
He mentioned Singapore and Indonesia as examples of other ASEAN members that have set up sovereign wealth funds.
Marcos said, “Yung Indonesian sovereign wealth fund, 2021 nagsimula, one billion (US dollars) ang starting investment nila. It’s called assets under management. They are now I think at 24 (billion). So 23 billion dollars ang kita nila.”
A video with this assertion has also become viral on Tiktok. In 2021, Indonesia established the Indonesia Investment Authority (INA), the country’s SWF. However, it only had $6.5 billion in assets as of late October 2022 thanks to the government’s initial funding of $5 billion.
In contrast to Marcos’ claim, INA’s financial statement shows a net profit of 231.2 billion rupiahs, or about $1.4 million, in 2021.
The bill’s authors include Marcos, the son of President Bongbong Marcos Jr., as well as his uncle, House Speaker Martin Romualdez, and his aunt, Tingog Rep. Yedda Marie Romualdez.
Critics of the current administration wasted no time blasting the younger Marcos for disinformation.
Ang layo ng $1.4M (INA's net profits in 2021) sa sinasabi ni Sandro na $23B (0.006% lang).
Binilang ba niya dun yung Tal/lano gold? 😂 https://t.co/gyraIBI7EL
— JC Punongbayan, PhD (@jcpunongbayan) December 12, 2022
If you voted this idiot, think again. Being a public servant is more serious than being a celebrity. https://t.co/Eq4x4VuIZY
— Sussy Potato (@cornedpotato69) December 12, 2022
https://twitter.com/jayekhallipph/status/1602322499525824512?s=20
https://twitter.com/hiiisbambiii/status/1602296540466642947?s=20
They built power through lies and manipulation. EXPECT NOTHING LESS FROM THE MARCOSES. https://t.co/LQWHHLBNSO
— z (@zsorryyy) December 12, 2022
‘ Bobong Sandro attacks again. https://t.co/mjK5FR07aI
— Pau Ocampo (@PauOcampo25) December 12, 2022
They live in their own little world of lies ano? https://t.co/Dq9I4mJfuj
— Full G (@gabbitoF) December 12, 2022
House Bill 6398 proposes creating the Maharlika Investment Fund to serve as the Philippines’ SWF. Many people are worried that Marcos and his family will only use the law for their benefit.
