'Lots of economists I know are also disappointed, given the dubious nature of Maharlika and the myriad risks it poses to our public coffers and financial system.' ThoughtLeaders
On May 22, 2023, President Ferdinand Marcos Jr. sent a letter to Senate President Juan Miguel Zubiri toFirst, the justification Marcos used was totally wrong.
First, the Maharlika bill confuses financial returns and economic returns. The latter may be actually larger than the former.on Twitter, “The reality is even the [country’s] best fund managers can only eke out less than 5% YTD return on PH equities.” Meanwhile, the growth rate of our economy averaged above 6% before the pandemic.
The P50 billion from the National Government also means that taxpayers will pay for Maharlika’s seed fund, too, with their hard-earned money. Isn’t that money better spent on government projects directly, and not gambled away in this time of global uncertainty? Abroad, legitimate sovereign wealth funds are typically set up using surpluses . The Philippines doesn’t have such a surplus of money; in fact we had a deficit of more than P1.6 trillion in 2022.The Senate bill also proposes a poor governance structure for Maharlika, and put in safeguards that, on closer inspection, aren’t really safeguards.
But by setting up the board this way – where the President’s appointees are both in the board and in the MIC’s operations – is the Senate bill in violation of the Santiago Principles?
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