COGENT arguments raised by former University of the Philippines economics dean Raul Fabella in opposing the Maharlika Investment Fund pack a rare combination: the academic sheen and the killer punch to the gasping, inchoate corpus of the draft law creating the fund. Powerful arguments that if possessed of any shredding power would have been potent enough to tear down House Bill 6398 and take the bits to their rightful place — the graveyard of the chamber's more egregious draft laws.
Is a country drowning in debt really in a position to launch such a fund? 'It is a dangerous illusion to say that the Philippines has surpluses lying idle in the time of historically high deficits and a massive debt load,' he said. Such debt load, according to him, could lead to a payment crisis. A fiscal time bomb looming.Historically, Dr.
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