Human Side Of EconomicsTo assess the wisdom of House Bill No. 6608 or “An Act Establishing the Maharlika Investment Fund, Providing for the Management, Investment, and Use of the Proceeds of the Fund, and Appropriating Funds Therefor,” let us make sure that we know what exactly are the provisions contained in thenal draft of the bill that was already passed in the Lower House, on which the Senate will start deliberating once it resumes its session this month.
The nature of the Maharlika Investment Fund is that of a passive investment instrument that can, if properly managed, pump prime billions of dollars of foreign direct investments into very capital-intensive infrastructure and large-scale agribusiness projects that will surely help create millions of jobs today and contribute to sustaining the Philippine GDP growth at its present rate as one of the most rapid in the Indo-Pacic region.
If a small amount of very scarce funds investment in the Maharlika Fund can unlock some 10 billion or more dollars of FDIs every year, then it is worth the sacrinancial institutions away from more urgent needs like education, health, and poverty alleviation.
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