Sovereign wealth fund can be good for the country, but let it come at the right time and in the right form. Incongruous, why do our officials seem to breathe and worship the Maharlika Investment Fund (MIF) like it is the “savior of the world” for Filipinos, as if the country would go to hell tomorrow without it?
Truth be told, the role of the Commission on Audit (COA) in the MIF, based on its latest form, is more for display purposes and that nowhere in the Act indicates that “it meets the high bar for transparency and accountability” due to it being focused more on meeting the high bar of their expectation to win in a “lottery.” There are no “safeguards,” really. Guile.
Another incongruity is that there is no added measure incorporated in the said proposed law, as touted by the Senate President through play of words. He said that MIF’s revised version would “prohibit government-owned and controlled corporations that provide social security and health benefits from investing in the Maharlika Investment Corporation.”
The fact is, GSIS, SSS, Philhealth, Pag-IBIG Fund and every other government agency/corporation may still come into the picture should their respective boards decide to do so, “voluntarily” – to usher the country deeper into pits. Chicanery.
In fairness to President Bongbong Marcos, he is showing signs that he is different from his predecessors. He seems to have ears (sometimes) for valid, apolitical criticisms. Ever watch out, though, for lackeys, sycophants and “hallelujah” boys from within and from without and in the mainstream/social media. Much less, beware of critics who are merely and purely obstructionists because of political agenda.
But never ignore wisdom or undiluted views, Mr. President. It is good that there are political oppositions in the Senate and Lower House that bear the interests of the country and our people (at heart) more than their own (it seems) – much unlike so many of your political allies and “supporters” who have assorted, self-serving, avaricious agendas. “Tapos, pa-cute pa.” Be different, yourself, sir. Unshackle.
Who knows, dear countrymen, BBM would ultimately decide to veto the MIF and ask our legislators to shelve the whole idea for an opportune time – until widespread, multi-billion government corruption enterprise, shameless/blatant politicking (traditional and modern), imbecilic privatization and technocratic, dogged, “wise” thinking among our lawmakers and economic managers are addressed and solved.
Dear leaders of the land: Don’t miss the mark for Filipinos to pass through a parted Red Sea toward our own biblical Promised Land – by doggedly wearing horse blinkers, so to speak.
Moses had his eyesight intact and uncovered when he led the Israelites to freedom from slavery and from the pursuing evil Pharaoh with his equally evil armies – by simply looking up to Heaven and raising his rod when they reached the end of the road. But we certainly can do more (in faith) as a people because we are yet far from reaching the end of the road (or end of the world) for ourselves. “You’ll see it when you believe it.” – Wayne W. Dyer. Proverbs 3:5-7.
“Maharlika” is no Red Sea.
