The first Senate hearing on the Maharlika sovereign wealth fund showed it was an idea that has not been sufficiently thought out. Kulang sa staff work. It didn’t take much for a few senators to punch it full of holes.
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Junior said it was his idea to come up with a sovereign wealth fund. That proves my suspicion he was stricken with envy hobnobbing with other ASEAN leaders who were probably talking about their SWFs.
We may yet see the day when we will need sufficient reserves in the BSP and regret tying up or losing what we had in this Maharlika Wealth Fund. It could be soon, given the volatility of the international economic and financial environment.
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