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In this B-Side episode Enrico P. Villanueva, a chief risk consultant and a senior lecturer of economics at the University of the Philippines Los Baños, tells us that the MIF will weaken the Bangko Sentral ng Pilipinas (BSP) and other government banks.
Follow us on SpotifyThe current version of House Bill No. 6608, or the bill seeking to establish the Maharlika Investment Fund , still raises red flags, says Enrico P. Villanueva, a chief risk consultant and a senior lecturer of economics at the University of the Philippines Los Baños.reporter Keisha B. Ta-asan that the MIF will weaken the Bangko Sentral ng Pilipinas and other government banks.
But following criticism and public pressure, proponents took out the pension funds. The MIF will now be funded by resources from the Landbank of the Philippines, the Development Bank of the Philippines, and the dividends/profits of the Bangko Sentral ng Pilipinas . “Here, we are subjecting this forced contribution from the government banks and in the process, we’re making them weaker. We should make these banks stronger, not weaker,” he added.
“We don’t even know if it would actually pursue development the way it said it would be. So that’s a big question mark,” he added.Mr. Villanueva recounted that when former President Ferdinand E. Marcos, Sr., left the country in 1986, the old central bank was bankrupt and loaded with debt. “That’s why, when there was this talk about getting the reserves or asking the BSP to contribute, that’s a red flag again because that’s a violation in the charter,” he said.
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More red flags raised by the Maharlika Investment FundListen to this episode from BusinessWorld B-Side on Spotify. The current version of House Bill (HB) No. 6608, or the bill seeking to establish the Maharlika Investment Fund (MIF), still raises red flags, says Enrico P. Villanueva, a chief risk consultant and a senior lecturer of economics at the University of the Philippines Los Baños. In this B-Side episode, he tells BusinessWorld reporter Keisha B. Ta-asan that the MIF will weaken the Bangko Sentral ng Pilipinas (BSP) and other government banks. “BSP is not supposed to dabble in private enterprises … BSP cannot invest in development financing,” Mr. Villanueva says, adding that the MIF resurrects the ghost of what happened to the Central Bank, which had to be dissolved after being bankrupted. “Haven’t we learned from the experience?” Recorded remotely in December 2022. Produced by Joseph Emmanuel L. Garcia and Sam L. Marcelo.
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