Across the world, sovereign wealth funds have built roads and filled up national budgets. But experts aren’t so sure the Maharlika fund can do the same for us.
, both home to some of the most renowned SWFs, use profits from their massive funds to finance their budgets, with as much as 20% of their budgets coming from their respective sovereign wealth funds.
“Since its inception, the Infrastructure Fund has financed projects that have electrified 75 percent of Timor-Leste territory, rehabilitated ports, irrigated three regions, and paved many public roads,” the World Bank noted. Over more than a decade of corruption, ex-prime minister Najib Razak managed to exert his political influence on 1MDB even without being designated as the head of the fund. After siphoning away as much as $1 billion for himself, Najib isBefore we start our sovereign wealth fund, we must first answer the big question: where do we get the money from?
The Philippines has neither a budget surplus nor low public debt levels. Experts warn that this places us in a bad situation to start such a fund.“Conceptually, a sovereign wealth fund is good for a country if it is in a position to have one already. Historically, SWF arise from the budget surplus of oil exporting countries. Unfortunately, the Philippines does not currently enjoy that surplus and has no excess funds to invest.
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