![[ANALYSIS] Beware the Maharliscam](https://i.headtopics.com/images/2023/6/2/rapplerdotcom/analysis-beware-the-maharliscam-analysis-beware-the-maharliscam-1664569344913731585.webp)
Sadly, the economic managers of Marcos, PhD-wielding technocrats, literally stood by in the Senate plenary session as lawmakers were railroading the Maharlika bill.
On May 31, 2023, after a flurry of midnight Senate deliberations and a bicameral conference committee meeting, Congressof the Maharlika Investment Fund bill. Now it’s just waiting for the signature of President Ferdinand Marcos Jr.
Setting up this kind of sovereign wealth fund now is also ill-timed because the global economic environment is still sour. Inflation and interest rates remain elevated, and growth is still anemic in many parts of the world. Eking out significant returns will be a moonshotUnsettlingly, Maharlika also stands to endanger the public coffers.
In short, the funds of GSIS and SSS – and therefore the pensions of workers in both public and private sectors – could still be exposed to the risky investments of Maharlika. Literally 100% of the members of the board of Maharlika Investment Corporation, as well as members of its advisory board, are presidential appointees. This is very bad and in fact violative of the Santiago Principles, a set of 24 principles that should guide sovereign wealth funds worldwide.
The hiring of fund managers, analysts, and other people who will oversee Maharlika is also exempted from the Government Procurement Reform Act. This could pave the way for astronomical salaries and fees and bonuses. People will surely be jostling for these posts.The Maharlika bill is soaking wet with many other dangerous provisions. We’ve just looked at the tip of the iceberg.
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