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The True Colors of Maharlika Investment Fund

True Colors

Senate majority leader Joel Villanueva rebuffed the Bangko Sentral ng Pilipinas governor, Benjamin Diokno, diametrically contradicting him.

Villanueva was spot on. He said, “There is no room for interpretation” regarding the Maharlika Investment Fund (MIF) bill, vis-a-vis its prohibition on the use of the GSIS and SSS funds in any of MIF’s gambling endeavors. Really? But Diokno claims otherwise.

Let it be known to the good senator, however, that, as in the case of every law of the land, there is always room for lawyers, politicians, government officials (much less, crooks) to go around the law – to get what they want.

Hindi pa nga po batas at hindi pa nagsisimula ang MIF, at bago pa nito maisagawa ang kanyang “magandang” hangarin, ay lumilitaw na ang problema, ang mga nakababahalang tunay na kulay nito. (Even before the MIF is signed into law and prior to it being able to start doing its “noble” intentions, the problem is already showing up, and the MIF starts revealing its bothersome true colors), rearing its ugly head.

Benjamin Diokno and Joel Villanueva

UP School of Economics says it all. The professors/economic experts noted partly in their Discussion Paper: “We find that the MIF violates fundamental principles of economics and finance and poses serious risks to the economy and the public sector.”

On the part of the Filipino people, Cyndi Lauper says it all too in her hit song, True Colors: “And I see your true colors shining through. I see your true colors and that’s why I love you.”

The sovereign wealth fund is indeed sovereign. Wherewithal, howbeit, its sovereignty rests NOT on the people, but on the people behind it. Romans 10:3.

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