Red flags of the Maharlika Investment Fund - BusinessWorld Online

nancial world was that involving 1MDB. 1Malaysia Development Berhad, or 1MDB, was Malaysia’s sovereign wealth fund, and was the subject of embezzlement and money laundering. An estimated $4.5 billion was alleged to have been stolen from the 1MDB and it further incurred outstanding debts amounting to $7.8 billion.

Bangko Sentral ng Pilipinas Governor Felipe M. Medalla claims that the balance sheet is strong enough for the Maharlika Investment Fund, and Finance Secretary Benjamin E. Diokno even went so far as to claim that the BSP has “too much” gross international reserves. The Fund would also comply with the Santiago Principles, which are the generally accepted principles and practices voluntarily endorsed by the members of the International Forum of Sovereign Wealth Funds. These principles essentially embody the “best practices” for the operations of sovereign wealth funds.

The Fund’s exemption from the Government Procurement Reform Act is another possible red flag. Of course, the exemption is limited only to “the procurement or engagement of the professional or technical services needed in the selection of investments,” it is still a provision that possibly warrants looking into.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Gatchalian, Pimentel voice concerns over Maharlika Investment FundSenate President Juan Miguel Zubiri sees the passage of the Maharlika Investment Fund (MIF) in the upper chamber after the Holy Week, but his colleagues over the weekend voiced concerns over the proposed wealth fund. What are they gonna do now? Voicing concerns won’t do anything unless action is done !!! Medyo lito sa concept ng 'investment fund' yong dalawa. 🤣🤣🤣 Sa mga tanong pa lang sablay na. 🤣🤣🤣
Source: gmanews - 🏆 11. / 68 Read more »

Mark Villar files Maharlika Investment Fund bill at SenateMANILA, Philippines — A measure seeking to set up a Maharlika Investment Fund has been filed in the Senate. Senator Mark Villar on Monday filed Senate Bill No. 1670 to create the DFernandezINQ Nagpaka tuta na talaga ito tulad ng iba
Source: inquirerdotnet - 🏆 3. / 86 Read more »

The political cost of the Maharlika Investment Fund - BusinessWorld OnlineI was discussing the recently approved third reading version of House Bill No. 6088 “Establishing the Maharlika Investment Fund, Providing for the Management, Investment, and Use of the Proceeds of the Fund, and Appropriating Funds Therefor,” the supposedly revised, “clean,” and upgraded version of the bill submitted by the economic managers, with some friends from […]
Source: bworldph - 🏆 9. / 68 Read more »