Press Release

19 July 2023

Now that their pet Maharlika Investment Fund is a law, economic managers should prove their critics wrong, and deliver the earnings they confidently promised during the congressional debates on the measure, Deputy Speaker Ralph Recto said today.

“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.

As in the case of new things which 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,” Recto said.

What Congress added “were safety features against abuse and misuse of funds, and higher qualifications for those on the driver’s seat.” 

“Hindi pwedeng malakas ang gasolinador lang. Dapat maayos din ang brake system para hindi sumemplang,” Recto said.

He urged “appointing authorities” to get “the best and the brightest” in running what is “the Republic’s sovereign fund” that will be used to finance projects “we need today while it earns so that it can fund future ones.”