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Maharlika: Are we there yet?

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GETTING close to the first anniversary of when it was first taken up by Congress, the law is passed, the implementing rules have yet to be released, and the board and management may be announced soon. The other issues and challenges this Marcos administration faces will be largely in response to long-term issues that have bedeviled prior administrations, not just his. Maharlika and its success or failure will be solely his and that of his administration. Not being a partisan and hoping for a success and not a fiasco, I offer here some unsolicited advice made in a constructive spirit.

First, depending on whether the implementing rules wish to downplay it, I hope the clear priority can be a national development fund for infrastructure, food security and industrialization. Second, can we drop the 'everything, everywhere, all at once' investments allowed anywhere in everything.

Frankly, it is a waste of money and I doubt that either the management or board will have the expertise to evaluate them and worse, given the relatively small size of the fund compared to others of a similar nature, Maharlika will not be shown the best deals internationally nor have any significant governance rights over investments of that kind. Then, please no buying on the market of listed Philippine companies unless there is a clear expansion need and it is new capital being offered.

 

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