Follow us on SpotifyThe current version of House Bill No. 6608, or the bill seeking to establish the Maharlika Investment Fund , still raises red flags, says Enrico P. Villanueva, a chief risk consultant and a senior lecturer of economics at the University of the Philippines Los Baños.reporter Keisha B. Ta-asan that the MIF will weaken the Bangko Sentral ng Pilipinas and other government banks.
But following criticism and public pressure, proponents took out the pension funds. The MIF will now be funded by resources from the Landbank of the Philippines, the Development Bank of the Philippines, and the dividends/profits of the Bangko Sentral ng Pilipinas . “Here, we are subjecting this forced contribution from the government banks and in the process, we’re making them weaker. We should make these banks stronger, not weaker,” he added.
“We don’t even know if it would actually pursue development the way it said it would be. So that’s a big question mark,” he added.Mr. Villanueva recounted that when former President Ferdinand E. Marcos, Sr., left the country in 1986, the old central bank was bankrupt and loaded with debt. “That’s why, when there was this talk about getting the reserves or asking the BSP to contribute, that’s a red flag again because that’s a violation in the charter,” he said.
Whenever a professor presents an opinion. Ask first why is he NOT employed in the private sector Those who cannot get a job teach.
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