Read this in The Manila Times digital edition.
CONTINUING with the funding of Maharlika. The day it was passed, the President said other funds could come in later if they like it. The way I read the law, there is no provision for that. Even if there was, I don't think it will attract anyone as presently set up. Again, it is because there seems to be confusion on whether it is a sovereign fund or a national development fund. They are, frankly, two very different creatures. Like having two heads in one body, unfortunately.
As I wrote last week, if we had to have a government-funded investment fund, I wish it was a national development fund. That is not what Maharlika is. It could be implemented that way, but what it is as passed is some hybrid fund whose direction is open to the board and managers, which can change with each new board and management. I have previously said I am supportive of a national development fund that is structured in a manner like that of Indonesia. I am very disappointed with the rantings of some partisan critics who make up in volume and histrionics their lack of coherence and consistency in their arguments, and with many of the partisan supporters who sadly have resorted to the same thing. I think the well-thought-out criticisms and analyses by prominent economists and former government officials and the paper put out by UP economists should be taken seriously if we want Maharlika to be a success and not another fiasco. I wish that, instead of replying that the UP analysis came too late, the decision makers read it and answer factually and thoughtfully, rather than petulantly. I would add that many of us only came out with our views after the law passed, because guess what? It was passed with such haste that many did not even know what was being passed and the usual deliberations that accompany its debate and passage were dispensed with. I had some views after reading it, my understanding deepened over the last two weeks as I read it again and analyzed it more. My apologies if some of us need time to reflect rather than rely on gut reactions.
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