AS THE Maharlika Investment Fund (MIF) bill awaits the signature of President Ferdinand "Bongbong" Marcos Jr., the social action arm of the Catholic Bishops Conference of the Philippines (CBCP) is strongly opposing the creation of a sovereign wealth fund.
In a statement, Caritas Philippines is calling on Marcos to reconsider its desire to establish the MIF given the risks it pose to the country and the Filipino people.
"It is crucial to prioritize the welfare and stability of the Filipino people, ensuring that public funds are utilized responsibly, and in a manner that truly serves the common good," said Caritas Philippines Vice Chairman Bishop Gerardo Alminaza.
"Caritas Philippines is calling on the government to reconsider the establishment of the Maharlika Investment Fund," he added.
The prelate noted how the proposed utilization of public funds for the MIF raises serious questions about its impact on government projects and public finances.
"By diverting public money into this fund, resources that should support the national budget and address fiscal deficits could be compromised," Alminaza said.
In addition, the Caritas official pointed at the lack of transparency and accountability in the establishment of the MIF.
"We emphasize the importance of subjecting the decision-making processes and operations of the Maharlika Fund to rigorous scrutiny and implementing clear mechanisms to address any irregularities or mismanagement," said Alminaza.
Earlier in the week, the House of Representatives formally adopted the Senate's version of the MIF bill, which was certified as "urgent" by Marcos.
The bill seeks to establish the Maharlika Investment Corporation (MIC), which shall act as the sole entity with the purpose of mobilizing and utilizing the MIF for investments. (HDT/SunStar Philippines)