Will the Maharlika Fund Work Like How It’s Generally Laid?
The Filipino people was undeniably not provided with clear, specific details about how the Maharlika Fund will work for the betterment of the country.
One of the most controversial societal topics in the Philippines now is about the transfer of millions of money by different entities to the Maharlika Fund. The Bureau of Treasury confirmed that it now holds a total of P75 million for the program including the P50 million deposit from the Landbank of the Philippines. The P25 million came from the Development Bank of the Philippines (DBP).
The Maharlika Investment Fund or MIF is a sovereign wealth fund that aims to benefit the country in infrastructure projects, boosting the nation’s investment capital, and strengthen governance as some of the general targets mentioned. It was proposed in 2022 and approved by President Ferdinand “Bongbong” Marcos last July 18, 2023, just a few days before his second State of the Nation Address (SONA).
However, the President talked lightly about the Maharlika Fund during his SONA. Countless Filipinos undeniably hoped for answers to their questions over the controversial sovereign wealth that was reportedly based on what other countries have.
I believe the program won’t cause much talks when it was discussed in-depth to the Filipino people — most especially that this concerns national funds. With a very light discussion of how it is advertised to work, the Filipinos are left with no choice but to accept the vague nature of the fund and just hope it will perform as it was “designed for”.
The PH government did not even specify how it will be monitored by the “economic managers” that the President mentioned in the pursuit to address the concern of the people on how the money will be checked.
Also, it is very general to say that it aims to boost the investment capital of the country without specifying which investments it plans to make. The same goes with the target to boost the infrastructure development without a clear announcement of which structures does the program plans to fund.
Millions are coming in for the Fund, the Filipinos remain in a dark place not knowing how it will turn out.
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