From the fact that the Maharlika Investment Fund (MIF) is popularly misnamed the Maharlika Wealth Fund (MWF), one can already tell that misinformation galores around House Bill 6398. One may read our previous breakdown for more details:
However, circumstances around one important detail remain hazy. Somehow, the story spread that president Marcos Jr will allegedly chair the Maharlika Investments Corporation (MIC). This continues to spread despite House Bill 6398 making no references to whomever should be chair of the board in the first place.
A long paper trail leads to the story’s source. On 1 December, 2022, the House committee on banks and financial intermediaries agreed on some amendments to the bill1. One of the amendments designated the President of the Republic of the Philippines as chair of the MIC. Representative Joey Salceda would go on to add another provision allowing the president to designate another chairperson.
No information on who placed the controversial amendment surfaced until 5th December, 2022. The Harkonnen baronness Gloria Arroyo mentioned where ultimate responsibility for the investment fund would lie:
“The success of any fund, sovereign or private, lies in the quality of its management. In the current version of the Maharlika Wealth Fund, the President of the Philippines chairs its governing Board.”2
She gave no direct confirmation that the amendment was her work, but her comments and their timing would make one believe that the fund itself was her grey eminence, and she kept working to ensure an outcome favorable to her. One could only speculate on how added stain on the president’s popularity would do anything to benefit her - come 9 December, 2022, Representative Irwin Tieng reported that the amendment was removed:
“With regards to the chairman, we basically amended the [one] proposed by our author, Congresswoman Stella Quimbo, to remove the president as chairman and to replace it with the Secretary of Finance.”3
The worst part about all this was none of the amendments were ever released to the public. Everything remained behind the scenes, with media outlets being the public’s only link with lawmakers. The administration has seen grey eminences and flatterers dominate the political landscape, and much intrigue escapes the public’s eye. Whatever economic effects the investment fund will have soon, its impact behind the scenes will make waves for years further.
https://www.rappler.com/business/marcos-chair-philippine-sovereign-wealth-fund-corporation-house-panel-approves-bill/
https://www.gmanetwork.com/news/topstories/nation/853514/arroyo-marcos-ultimately-accountable-for-proposed-maharlika-investment-fund/story/
https://www.gmanetwork.com/news/money/economy/853984/house-to-remove-ph-president-as-chairman-of-the-board-of-proposed-maharlika-wealth-fund/story/