THE PHILIPPINES could benefit from the proposed Maharlika Investment Fund (MIF) as long as the government can ensure that its first sovereign wealth fund (SWF) is independent and efficient, according to a report by the Milken Institute. READ:
January 31, 2023 | 12:32 amTHE PHILIPPINES could benefitits first sovereign wealth fund is independent and effiHowever, the think tank also warned of political risks arising from the use of existing government funds for the MIF.
President Ferdinand R. Marcos, Jr. earlier this month pitched still-unapproved MIF to business leaders at the World Economic Forum in Davos, Switzerland. The Milken Institute said the Philippine government may not be able to tap into foreign reserves due to International Monetary Fund accounting rules that prevent their domestic use.
“In the Philippines’ case, of 108 GOCCs, from insurance and financing to charity work and gaming, the top 31 GOCCs hold assets worth $323 billion, representing half of gross domestic product,” the Milken Institute said.
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