Nearly two dozen faculty members of the UP School of Economics (UPSE) expressed “grave concerns” regarding the proposed Maharlika Investment Fund (MIF) and urged President Marcos Jr. to “seriously reconsider” enacting the measure into law. Know more:
NEARLY two dozen faculty members of the UP School of Economics on Tuesday expressed “grave concerns” regarding the proposed Maharlika Investment Fund and urged President Marcos Jr. to “seriously reconsider” enacting the measure into law.
Principle No. 2 underscores that “the policy purpose of the SWF should be clearly defined and publicly disclosed.” The authors explained that the MIF has a dual-bottom line objective, which is to earn commercial returns by investing in financial instruments while generating economic returns by funding local development projects.
The UPSE faculty members also claimed that another “major defect” of the MIF is that it could further strain public coffers while being “vulnerable” to “moral hazard.” The discussion paper stressed that all members of the MIC’s board, even the independent directors, are all presidential appointees, contrary to some of the best practices in the world, wherein government representatives are not part of a fund’s investment committee.
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