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.
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