MANILA, Philippines – President Ferdinand Marcos Jr. did not tackle the contentious provisions of the Maharlika Investment Fund Act in his speech after he signed the bill into law on Tuesday, July 18, saying that the wealth fund would not be “colored by political considerations.
The MIC will be governed by the board of directors with nine members chaired by the secretary of finance. Other members include the chief executive officer ; the president and CEO of the Land Bank of the Philippines; the president and CEO of the Development Bank of the Philippines; two regular directors; and three independent directors from the private sector.
Faculty of the University of the Philippines School of Economics earlier flagged this, noting that this governance structure “opens the floodgates for political interference, mismanagement, and corruption.”that the lack of guardrails in place may lead to the Philippine wealth fund suffering a fate similar to Malaysia’s sovereign wealth fund, from which billions of dollars were embezzled due to weak governance structure and lack of oversight.
“We will leverage a small fraction of the considerable but underutilized investable funds of government and stimulate the economy without the disadvantage of adding additional fiscal and debt burden,” Marcos said.
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