Ex-cabinet execs join call to scrap Maharlika Fund - BusinessMirror

Lamenting the weak justification and objectionable features of the proposed MWF, former Cabinet officials have backed opposers, on grounds of its “lack of principles of prudential regulation and risk management.

LAMENTING the weak justification and objectionable features of the proposed Maharlika Wealth Fund , former Cabinet officials have backed opposers, on grounds of its “lack of principles of prudential regulation and risk management, conflict-of-interest avoidance, transparency and accountability.”

Among the group’s signatories are: UP Professor Emeritus Solita Collas-Monsod, Dr. Maria Socorro Gochoco-Bautista, Dr. Emmanuel S. de Dios, Dr. Edita A. Tan and Dr. Maria Serena I. Diokno; former Bangko Sentral ng Pilipinas Deputy Governor Diwa C. Guinigundo; former Finance Undersecretary Milwida M. Guevara; former National Economic and Development Authority Secretaries Cielito F. Habito and Dante B. Canlas; former Neda Deputy Director General Emmanuel F.

The signed statement lamented that “this muddled, inconsistent and redundant bill is only setting the MWF up for failure and will only enable cronyism, rent seeking and corruption.”

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