No avalanche of accepted amendments can cure the inherent chronic and substantial defects of the Maharlika Investment Fund (MIF).
Amendments can cosmeticize Maharlika but cannot make it seasonable in the face of negative and ominous economic indicators which deter its creation.
Besieging the country today is a huge fiscal deficit of P1.1-T as of October 2022; an inflation rate of 8.0% in November 2022; an indebtedness of P13.641-T as of October 2022; a very low human development index ranking of 116th globally in 2021 and a poor gross domestic product (GDP) per capita in 2021 of only $3,549.00, lower than in Singapore ($72,794), Malaysia ($11,371), Thailand ($7,233), Indonesia ($4,297), and Vietnam ($3,694), among other negative indicators which could be compounded by the prospects of recession.
Whatever investible resources the National Government, Government-Owned and Controlled Corporations (GOCCs), and Government Financial Institutions (GFIs) have, must not be parked in long-term contingent investments. They must be invested today for Filipinos’ human development and sufficient allocations for education, health, employment, food security, and basic infrastructure.
We must bail out our people now from poverty, inflation and the dire challenges of recession, rather than investing in long-term ventures while our people may perish ahead without enjoying the promised fruits of Maharlika.
Help our people first survive in the short term so that they can relish the benefits in the long-term.
EDCEL C. LAGMAN