Filipinos split on Maharlika Fund, awareness remains low according to SWS
Paulo Gaborni July 10, 2023 at 04:44 PMAccording to a Social Weather Station (SWS) survey conducted in March, Filipinos are split on the potential advantages of the contentious Maharlika Investment Fund (MIF), which is currently waiting for President Ferdinand Marcos Jr.’s signature.
According to the survey conducted from March 26 to 29, 51% of participants said they anticipated little to no benefits from the MIF, while 56% anticipated substantial benefits.
There were varying opinions regarding the level of confidence in the sovereign wealth fund not being used for corruption: 31% expressed a high level of confidence, 29% expressed a low level of confidence, and 38% said they were unsure.
Only 20% of respondents to the survey said they felt sufficiently informed about the MIF. However, 22% of respondents said they knew little about the fund, and 47% of respondents said they knew nothing about it at all.
President Marcos was a staunch supporter of the Maharlika Investment Fund, which aims to establish a sovereign wealth fund by utilizing financing from government financial institutions. The proposed fund will invest in various assets, including foreign currencies, fixed-income securities, domestic and international corporate bonds, joint ventures, mergers and acquisitions, real estate, high-impact infrastructure projects, and initiatives that promote sustainable development.
According to Finance Secretary Benjamin Diokno, the establishment of the MIF will provide the government with a reliable source of income to support future generations. By allocating additional funds for other government priority projects, it will alleviate the strain on the national budget.
However, the opposition, including concerned academics and economists, criticized several provisions as problematic. Their concerns primarily centered around the lack of surplus funds, the utilization of state pension funds as initial capital, and the potential for corruption.