Beware the Maharliscam
Beware the Maharliscam
By JC Punongbayan
RAPPLER ANALYSIS
There’s no other way to call it. It’s a scam. It’s the Maharliscam.
On May 31, 2023, after a flurry of midnight Senate deliberations and a bicameral conference committee meeting, Congress passed the final version of the Maharlika Investment Fund bill. Now it’s just waiting for the signature of President Ferdinand Marcos Jr.
Lawmakers are deluding themselves by thinking that they’ve put in place all possible provisions to ensure that Maharlika will be profitable and won’t be subject to abuse.
For instance, there’s nothing at all in the bill to ensure that Maharlika will reap significant returns on investment, over and above the significant costs it will entail.
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