Palace Announces Suspension of Maharlika Fund Implementation ‘For Further Study’
After millions have been invested on the controversial Maharlika Investment Fund, the Palace suspended its implementation ‘for further study’.
The Maharlika Investment Fund’s signing into law is one of the political issues that sparked countless headlines. It elicited different reactions as well — with some people defending it and many others questioning on the assurance that things will work out.
It was last July 18, 2023, a few days before President Bongbong Marcos’ 2nd State of the Nation Address (SONA), when the Chief Executive signed the MIF bill into a law. It is described as the sovereign wealth fund with the goal of boosting the infrastructure projects in PH, the nation’s investment capital, and strengthen governance in the country.
However, amid the variety of reactions about the Maharlika Fund and the controversies surrounding it, the Filipino people were left with nothing but questions on how it will be implemented. A lot of Filipinos also seek guarantee on how the authorities who will be handling the fund will be held accountable.
I believe the Filipinos just bow to fate over the vague discussion about the Maharlika Fund. Those people who have the capacity and the responsibility to make things clear with the Filipinos talked lightly about the issue to the public.
Reports stated that the Bureau of Treasury is now holding P75 million for the MIF. The Landbank of the Philippines invested P50 million and the rest of the amount came from the Development Bank of the Philippines (DBP).
However, after millions were invested, the Palace decided to suspend the implementation of the Maharlika Fund ‘for further study’. I believe this raises the question on whether or not the MIF really passed an in-depth scrutiny before it became a law.
Why only do it now and not when it was still a bill?
There might be positive effects of further studying the Maharlika Investment Fund but I believe it will be for the benefit of the country if the people on top will not pick a fruit from the tree unless it is perfectly ripe.
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