EDITORIAL - Suspended

📆 20/10/2023 12:14 am
📰 PhilstarNews

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The concept remains a good one, and the fund is expected to be operational by yearend. “We are just finding ways to make this as close to perfect and ideal as possible.” That’s President Marcos, explaining his suspension of the implementation of his pet project, the Maharlika Investment Fund.

Speculation swirled that it was in fact an admission that the Maharlika concept is flawed because the suspension came on the heels of the Land Bank of the Philippines and Development Bank of the Philippines seeking regulatory relief from the capital requirements set by the Bangko Sentral ng Pilipinas. BSP Governor Eli Remolona Jr. said that “in principle,” relief from compliance with the requirements could be granted to Landbank and the DBP only for a limited period.

The most basic criticism of Maharlika was that the country had neither the financial surplus nor natural wealth to create a sovereign wealth fund. But the administration and its congressional allies, seemingly fixated on the word “Maharlika” and wanting bragging rights, passed Republic Act 11954 anyway, with officials touting the fund to investors overseas.

President and Agriculture Secretary Bongbong Marcos must have been so curious to see what a real world-class, climate-controlled mega poultry facility looks like that he agreed to fly out all the way to Hagonoy town... On Oct. 12, 2023, the Armed Forces of the Philippines, through the Office of the Surgeon General, launched its mental health program with Deputy Chief of Staff Lieutenant General Charlton Sean M Gaerlan PN ,...

Reigning champion Ateneo primed up for its rematch with fierce rival University of the Philippines this weekend with a 97-77 trashing of winless Santo Tomas in the UAAP Season 86 men’s basketball tournament...r

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