MANILA, Philippines (The Adobo Chronicles, Manila Bureau) – The Philippine Congress has approved the Maharlika Wealth Fund with the caveat that certain government corporations like SSS, GSIS, Pag-IBIG, and PhilHealth cannot invest in it.

But in an interview with The Adobo Chronicles, House Speaker Martin Romualdez said purchase of paintings are allowed.

It will be recalled that GSIS did purchase a 110-year-old oil painting, “Parisian Life” by Juan Luan at an auction in Hong Kong for P46 million. The Confederation for Unity, Recognition and Advancement for Government Employees (Courage) questioned the acquisition which tapped the contributions of government employees nationwide. 

Local and international artists welcomed the Congress’ move, saying the approved bill is the best thing that ever happened to the arts.