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The Maharlika Investment Fund (MIF) is plagued by problems including bad timing, unfulfilled requirements, and governance red flags, according to economist and Action for Economic Reform convener Filomeno S. Sta. Ana III.
“Right now, there’s a lot of volatility, so even if we have some level of comfort with our foreign exchange reserves, we must still build our reserves,” he tellsThe Philippines doesn’t have surplus funds needed for a sovereign wealth fund.
“For a sovereign wealth fund to exist, an essential feature is that the sovereign or the country has a huge surplus or an excess, resulting from mineral resources, booming extractive industries, or strong export performance,” Mr. Sta. Ana explained.Despite the country’s foreign exchange reserves being relatively comfortable at the moment, the level is still insignificant compared to countries with bigger reserves.
BSP’s reserves must be built because of the volatility in the present environment. Meanwhile, its profits are already being translated into dividends for the national government, with or without the BSP’s explicit participation.
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The red flags raised by the Maharlika Investment FundListen to this episode from BusinessWorld B-Side on Spotify. The Maharlika Investment Fund is plagued by problems including bad timing, unfulfilled requirements, and governance red flags, according to economist and Action for Economic Reform convener Filomeno S. Sta. Ana III. “Right now, there’s a lot of volatility, so even if we have some level of comfort with our foreign exchange reserves, we must still build our reserves,” he tells BusinessWorld report Brontë H. Lacsamana in this B-Side episode. Recorded remotely on Dec. 8, 2022. Produced by Joseph Emmanuel L. Garcia and Sam L. Marcelo.
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