The Maharlika Investment Fund (MIF) is a pet project of President Bongbong Marcos whose sole aim is to raise funds from investors here and abroad as a source of funds for high-profile infrastructure projects in the country.
The legislation needed to legalize the MIF is sure to be passed by Congress.
The country at present is in a debt hole and therefore there is a need for new and fresh money to fund projects necessary for our economic recovery and development.
However, there is a hard and big hindrance for investors to put their money into the MIF. There is the issue of trust and confidence. The whole world knows that our country belongs to the top twenty in corruption index. Do you think a sane businessman or entity will invest in the MIF when accused corrupt bigtime offenders are not in jail?
Aside for Napoles, the mother of PBBM, Imelda Marcos, is still facing corruption charges which is on trial in the last 20 years. Juan Ponce Enrile, who was part of the Napoles scam is free due to old age and his secretary, Ms. Reyes recently posted bail. Hundreds of politicians including legislators involved in the Napoles scam are free. Senator Jinggoy Estrada is on bail while Sen. Bong Revilla was freed.
Who will invest under the present condition? Can PBBM and company be trusted? I’m sure there is sovereign guarantee on the funds invested but if something goes wrong with the MIF Funds it is the Filipino people who will be the ultimate victim.