MANILA, Philippines – President Ferdinand Marcos Jr. again came to the defense of the controversial Maharlika Investment Fund, a proposed sovereign wealth fund that made it through Congress just before lawmakers went on their months-long break.
The President was responding to a question in a media interview on whether he would sign into law the bill creating the Maharlika Investment Fund, which hurdled Congress on May 31 – just before session was adjourned sine die. Session does not resume until July 24, when Marcos would deliver his second State of the Nation Address.
Yet criticism still abounds for the proposed fund – particularly, its necessity. Around the world, the most prominent sovereign wealth funds are drawn from a country’s excess income or surplus. The Philippines has no such surplus income. “If the bill comes before me, I will sign it. But the secret to its success is who do we put in management. What is their experience? What is their reputation? What is their success rate? And we have quite a few good money managers, financial managers that we can call upon,” said Marcos, without naming who those “good money mangers” were.
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