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Manila Bulletin devider Philippines devider National devider 'This is personal': Recto says economic managers should silence critics on MIF

'This is personal': Recto says economic managers should silence critics on MIF

Published Jul 19, 2023 04:08 am
House Deputy Speaker and Batangas City 6th district Rep. Ralph Recto (Facebook)



House Deputy Speaker and Batangas City 6th district Rep. Ralph Recto says the country’s economic managers should treat it as a "personal" challenge to prove critics wrong about the newly-enacted Maharlika Investment Fund (MIF). “The next order of the day is to shut down the critics. And because they have stuck out their necks for this, their professional reputation is also on the line. This is not just business, but personal,” Recto said in a statement Wednesday, July 19. Republic Act (RA) No.11954 or the MIF was signed by President Ferdinand "Bongbong" Marcos Jr. Tuesday, July 18 amid much fanfare. Designed to act as the Philippines' sovereign wealth fund, the MIF is easily the most controversial law passed under the Marcos administration, with critics saying it's a waste of precious resources. Recto said it's time for the administration’s economic managers to "deliver the earnings they confidently promised during the congressional debates on the measure". As in the case of new things that were initially doubted, Recto said “brickbats can incentivize performance and a powerful motivation to prove the naysayers wrong". Recto said the newly-signed law “was written largely faithful to the specs of the proponents.” “Kung baga sa kotse, sinunod ang design (Had this been a car, the design was followed to a tee),” noted the former Senate President Pro Tempore. Recto underscored that Congress added “safety features against abuse and misuse of funds, and higher qualifications for those on the driver’s seat". Meanwhile, he urged “appointing authorities” to pick “the best and the brightest” people to run the MIF, which will be used to finance projects “we need today while it earns so that it can fund future ones".

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