Pimentel urges Marcos to heed economists' warnings on Maharlika fund


Posted at Jun 10 2023 08:36 PM

MANILA - Senator Aquilino "Koko" Pimentel III urged President Ferdinand Marcos Jr. to heed the concerns raised by faculty members of the University of the Philippines School of Economics regarding the Maharlika Investment Fund bill.

"I urge and hope the President will seriously consider the warnings put forth by these distinguished economists," Pimentel said.

The senator earlier described the bill as "unsalvageable", while the UPSE faculty called on Marcos “to seriously reconsider” signing the MIF bill. 

The economists, which included former National Economic and Development Authority (NEDA) Secretary Ernesto Pernia, also called on Marcos to “present before the public a clear and solid rationale for setting it up in the first place.”

Pimentel also earlier called on Marcos to veto the measure.

"Sigurado po tayo na walang agenda itong dalawang dosenang ekonomista ng Unibersidad ng Pilipinas kung hindi ang kapakanan ng ating bayan. Please take heed, Mr. President," Pimentel said.

Among the issues Pimentel have with the MIF are its lack of transparency safeguards, the "super powers" vested in the Maharlika Investment Corporation, and the huge risks the MIF poses to the country's financial sources.

Finance Secretary Benjamin Diokno, who is also Professor Emeritus of the UPSE, earlier said there will be no more reconsideration of the MIF.


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