The Takeaway
On July 18, Philippines President Ferdinand Marcos Jr. signed the controversial C$12-billion (500 billion Philippine Pesos) Maharlika Investment Fund Act 2023 (MIF) into law, creating the Philippines’ first sovereign wealth fund. Marcos claims the fund will stimulate the economy, but experts and the public think otherwise; they fear the fund’s governance structure and unclear rules could lead to corruption and misuse of public funds. Critics have also questioned the source of seed funding and the timing of the MIF when the Philippines is battling high inflation and debt, and a trade deficit. …