They oppose the Maharlika fund due to corruption and investment risks, economic challenges, and how the bill was railroaded through the House of Representatives.
MANILA, Philippines – The proposed establishment of a Maharlika Investment Fund breezed through the House of Representatives, with 279 lawmakers voting in favor of its passage.
“Whatever investible resources the government and the government-owned and controlled corporations have, must not be parked in long-term contingent investments. They must be invested today for human development and sufficient allocations for education, health, employment, food security, and basic infrastructure,” Lagman said.
The MIF seeks to prioritize investments in infrastructure and developmental projects, but Manuel said these are “vulnerable to corruption.” Lagman and Brosas also pointed out that if the MIF is launched, it would be among the tiniest sovereign wealth funds in the world at P110 billion.
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