Allaying concern that creating a haphazard Maharlika Investment Fund (MIF) might worsen the country’s huge indebtedness, National Treasurer Rosalia V.de Leon said that, on the contrary, the need to borrow to finance development can be reduced if sovereign wealth fund can be tapped for such endeavor.
ASKED by Hontiveros what would be the impact of MIF on the government goal to reduce the debt-to-GDP ratio, the national treasurer asserted that “this can ease the burden, as it will reduce our need to borrow.
He cited the case of the international airport in Bicol, which tookten years, “kasi piche piche lang ang pasok ng pera… so nawawala ang present value nung project [because the money came in trickles, so the project loses its present value],” in contrast to if it had been finished in, say, three years.
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