Opinion: Guest Commentary on the Maharlika Investment Fund featured at 'On My Watch" By Manuel L Caballero

 

ON MY WATCH

By MANUEL L. CABALLERO

In my desire to present both sides of an opinion or issue, I am featuring this week a guest opinion from an "OMW" reader.

Our guest opinion writer is Atty. Virgilio Reyes Garcia of Quezon City, Hagonoy, Bulacan and Zamboanga City. Atty. Garcia ran for  congressman in QC's 3rd District in the last election. He placed 3rd out of 6 candidates.But, only one won. Our guest writer is a retired brigadier general in the PH military organization.

Atty. Garcia expressed his opinion on the controversial Maharlika Investment Fund of Pres. Bongbong Marcos, Jr. in response to OMW's earlier commentaries. Here is our guest opinion.

"Quezon City - Now that the Maharlika Investment Fund (MIF) is in play, its success or failure depends not only  on the competence of the President and the men and women he chose to manage the fund, BUT to a large extent on us, FILIPINOS, here and abroad. 

"The President placed his bet on the MIF in his calculation that it will spur economic development,  accelerate infrastructure development and propel the country to higher growth. Ultimately, we will be among the high middle income class by the end of his term. This was his promise during his first SONA. 

"The success of the fund also depends to a very large extent on foreign investments. 

"We, the people here and abroad, can all help attract foreign investment by manifesting our TRUST. 

"What I am saying is that we have gone past the process of setting it up. The objections to the original draft have been considered in the final version. It is now time to work together and make it work for the sake of the People who stand to benefit by it, and for the sake of our country. 

"Thanks to the inputs of the 12 organizations of economists, businessmen and think tanks we now have a better law. 

"It has been said that a sovereign wealth fund can be beneficial if it is designed well. 

"At least 166 countries have sovereign wealth funds including several States in the US where we can learn from their successes. The only known failure was in the case of Malaysia, where we can also learn from to make our MIF better and to work for us too. 

"Sure there is corruption in the Philippines due to the general weakness of government institutions and of governance due to lack of political will to fight it but I have not totally given up on the Filipino. 

'The MIF will succeed with our support by giving it good publicity. We owe it to the People who are less fortunate than we, the People we all serve, one way or the other."

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I wish to greet my daughter Niña on her birthday on Jan. 28. 

Happy Birthday dear Niña!

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