“Treat people as if they were what they ought to be, and you help them to become what they are capable of being,” – GOETHE.
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The Maharlika Wealth Fund (or Sovereign Wealth Fund) being espoused in the halls of Congress has been getting noticed by the media and concerned sectors – the economists and financial experts particularly – is not a novel idea.
It is novel as far as the Philippine perspective is concerned because while other neighboring countries have already been doing it for decades, it is only now that Philippine economic managers have taken the first step to follow suit.
While the objective is commendable, the initial idea of sourcing the funds from the vaults of the GSIS, SSS, BSP, LBP and DBP has met rough sailing from sectors who argued the pension funds that belong to the members should not be touched.
And so, after several mental exercises, proponents of the bill have acquiesced to the clamor of those who were scared stiff that the SWF might become a copy of the 1MDB (Malaysia Development Berhad), a similar endeavor of the Malaysian government that was ransacked by powerful officials in government via an extensive money laundering scheme.
If I correctly recall, Najib Razak, who was PM from 2009 to 2018, was convicted of corruption and jailed because of the 1MDB scandal.
This was the scariest reason objectors to the SWF utilizing GSIS and SSS funds declared.
But the concept is good, because the objective is to generate more funds to finance various gigantic government projects that will redound to the benefit of the Filipino people.
So now the bill’s proponents in Congress whose spearhead is the articulate Marikina Pep. Stella Quimbo has somewhat slowed down to “pacify” the hysterical objections.
You see, our experience in the (mis) handling of government funds has been so notorious that the nation and its citizens are much too careful in treading uncharted waters.
Look at Philhealth. It is the prime example of how to go around the bush. Whatever happened to the officials caught responsible for mismanaging the funds?
Objections that I heard being voiced in the media came from a Filipino international investment banker who simply said that the mere fact that they (Congressional proponents) realized the error that pensions funds from GSIS and SSS should not be touched mirrored the sad reality that the bill is limp and lame from the very beginning.
Sen. Koko Pimtentel said the bills should be returned to Congress and be studied and scrutinized in detail before passing it to the Senate.
What should have been done, to avoid the embarrassing rejection, is for Congress to hold a public consultation and extensive discussion and debate among the pros and cons.
This way, Malacanang won’t get itself between the devil and the deep blue sea in case the bill meets stiff resistance from several sectors.
Filipinos must make themselves familiar with government endeavors, projects and programs so that they do not become fence sitters when a brouhaha such as this occurs.
If an idea is sound and implementable, people should support it because this is for their own benefit.
If it is not, then they should raise the alarm bells, register their protests and declare whether somebody is cooking something.
The scandal in the 1MDB, considered one of the biggest money laundering scandals in history, was only discovered several years later when the funds were slowly being dissipated and transferred into the personal accounts of crooker officials handling the matter.
I think the government should wisely pursue what the country and the people need at this time without going into sophisticated economic endeavors that have more risks of losing than earning profits.
Manufacturing is one industry that the late Ferdinand Marcos Sr. pursued during his administration. Don’t you think it ought to be revived because the country has so much raw materials at its disposal?
Of course, the primary task of feeding the people cannot be overlooked. When there is food security – meaning there is adequate food supply and prices of staple commodities are affordable even by the grassroots – the government might then find it less imperative or compelling to go into what they want to get by introducing the Sovereign Wealth Fund.
Why still bother if the economy has been already stabilized by the strong performance of the agriculture and manufacturing sectors, right?
Still, I want to give them the benefit of the doubt. I hope the SWF advocates are not copying the idea from other advanced Western countries like the USA, UK and Norway. Of course, definitely not from( Malaysia! Email feedback to fredlumba@yahoo.com.) GOD BLESS THE PHILIPPINES!
