![[Just Saying] Reasons to reject the Maharlika Fund Law](https://i.headtopics.com/images/2023/6/19/rapplerdotcom/just-saying-reasons-to-reject-the-maharlika-fund-l-just-saying-reasons-to-reject-the-maharlika-fund-l-1670754566390927360.webp)
'Only a cleverly distorted use of semantics can explain why a country-debtor should be allowed to have its remaining supply of money invested in a risky proposition. This is the height of irrationality.' ThoughtLeaders
Senate Bill No. 2020 certified by President Marcos Jr. to Congress on May 22, 2023 for immediate enactment proposes the creation of the Maharlika Investment Corporation . It will have a board of directors with powers to invest, loan, and enter into guarantees with respect to the P500,000,000,000 Maharlika Investment Fund to be contributed mainly by government financial institutions and the national government.
On the enumerated powers of the Board of Directors, Section 20 provides that the board can do anything provided that “it is incidental to the performance of above-mentioned duties” to of Section 20). The word “incidental” is a word that can be subject to a number of interpretations. The meaning is relative. The proposed bill should have defined “incidental,” delineating its proper boundaries.
It is therefore possible that many, if not all of the directors of the MIC board, may have been previously convicted criminals. The law should have stated that for as long as an individual committed a crime, he or she should be disqualified. Section 23 and 24 of the proposed law – providing for the qualification of the President/the Chief Executive officer and also the Chief Investment and Operating officer – do not provide as a ground for disqualification, previous conviction of a crime.
The proposed law is beyond common, legal and economic sense given the present state of affairs in the government and in the country. It has been reported that every year, the country has been losing around P700 billion on graft and corruption constituting about 20% of the national budget.
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