the inauguration of the new headquarters of the Securities and Exchange Commission, which is tasked among other things, to ensure the “protection of the investing public” against investment scams.
If you listen to the President, his economic team, and proponents in Congress, they are pitching Maharlika as a veritable panacea to all the country’s economic woes.released on June 13, the economic team said Maharlika is “not only beneficial but necessary at this point in time,” “an ideal vehicle and well-positioned to bring in investments as the Philippine economic outlook remains robust amid the global economic slowdown.
By failing to give any solid justification for the choice of sectors where investments will be made, Maharlika can very well be used to “pick winners”: that is, subsidize or reward certain companies and business interests, possibly those owned by politicians and their friends and family. This will be reminiscent of the crony capitalism that was entrenched during Martial Law.Now, said the Treasury, “Following the methodology described above , the MIC may generate a return on equity of around 6.
Is this from individual projects of companies in the four sectors? If so, what projects? Or, is this derived from the stock prices of companies selected from the four sectors? If so, this is a major deviation from the idea of a strategic investment fund or SIF . This deviates from global practice: the laws establishing other SIFs indicate exactly what percentage of investments will be placed in stocks and bonds on the one hand, and economic projects on the other.
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