AS I expected, the proposed 'Maharlika Wealth Fund' (MWF) continues to generate a flood of commentary, and the contrast between the pros and cons has been interesting. Those who support the proposal, or are at least inclined to 'give it a fair hearing' have tended to be rather broad in their reasoning, offering variations on the generic argument that 'it's a nice idea, and could benefit the country a lot.' Those who are skeptical or firmly against the idea, on the other hand, have generally been more detail-oriented, highlighting the glaring flaws in the plan, of which there are not a few.

Some of the naysayers have, of course, gone with the 'corruption' angle, especially since the very name of the proposed fund is clearly intended to evoke some imagined past golden age. With all due respect to actual history and the real risks associated with sovereign wealth funds, this is rather speculative, not even necessary, and not particularly helpful. There is enough rotten substance in the proposed MWF framework to clearly demonstrate that pursuing it is utterly irrational without ever taking into consideration any personalities or hypothetical individual motivations.