Some minority legislators are calling off planned Supreme Court cases challenging the constitutionality of the Maharlika Investment Fund (MIF) once President Ferdinand Marcos, Jr. signs it into law.
Marcos certified the “necessity of immediate enactment” of Senate Bill 2020 in a letter to Senate President Juan Miguel Zubiri.
Inflation, shifting oil prices, Russia’s invasion of Ukraine, and interest rate hikes, according to the President, demonstrate the country’s need for a wealth fund to invigorate the economy.
Certain economists and investment bankers are seeking clarification on the precise form of the sovereign wealth fund that the House is racing to approve.
The projected P500-B funding for MIF could be better used as budgetary support to finance basic socioeconomic services and infrastructure development in the national budget, rather than investing the same for contingent and lengthy ventures while the country lacks a revenue surplus and has an abundance of negative economic indicators such as a huge fiscal deficit; high inflation rate; a very low human development index ranking; and poor gross domestic product.
Some analysts believe the MIF has no constitutional flaws that warrant the Supreme Court’s judicial assessment, despite its lack of wisdom.
Other factions doubt the possibility of this investment, which might destabilize the country and lead to widespread corruption in this administration.
Meanwhile, both houses had already considered the proposal, and the public assumed that they had done their intelligent work as the people’s representatives in Congress, with protections already in place to avoid any negative consequences.
Nonetheless, the large quantity may result in a massive failure against the interests of the Filipino people, but it may also result in massive cash benefits to the country; however, there is also a need to test this program to determine the potential impact; thus, the proof of food is in the eating.
