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Bilyonaryo - Business

Diokno brushes off colleagues’ pleas on Maharlika Fund, calls UPSE paper ‘late for consideration’

June 8, 2023

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Diokno brushes off colleagues pleas on Maharlika Fund calls UPSE paper late for consideration - Bilyonaryo Business News — #image_title

Finance Secretary Benjamin Diokno, also a Professor Emeritus at the University of the Philippines School of Economics (UPSE), downplayed concerns raised by his colleagues regarding the proposed Maharlika Investment Fund (MIF), saying that their paper could be seen as “good reading material” but was released too late to have an impact.

Speaking to reporters at the Franchise Asia Philippines 2023 International Conference in Pasay City, Diokno expressed unawareness of his colleagues’ intention to publish the discussion paper.

The paper titled “Maharlika Investment Fund: Still Beyond Repair” was authored by multiple individuals from UPSE.

It also urged former and present colleagues within the Marcos economic team to reassess their stance and provide advice to the President based on their professional expertise and the reservations expressed by the wider economics profession.

Diokno considered the paper titled “Maharlika Investment Fund: Still Beyond Repair,” irrelevant, saying that the legislative process was already near completion. He said that the bill was being finalized and would likely reach the President’s desk within two weeks.

The Finance chief advised his colleagues to first read the Senate version of the bill, which, according to him, includes numerous safeguards addressing concerns and fostering trust.

When asked if there was room for reconsideration, Diokno firmly dismissed the possibility, asserting that a thorough review process had already taken place.

The paper strongly criticized the MIF, arguing that it violates key principles of economics and finance while posing significant risks to the economy and the public sector. It also urged former and present colleagues within the Marcos economic team to reassess their stance and provide advice to the President based on their professional expertise and the reservations expressed by the wider economics profession.

Related News Tags: Benjamin Diokno, Maharlika Investment Fund, University of the Philippines School of Economics

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