The MIF is patterned after the sovereign wealth funds of countries like Norway and Singapore. Read more at straitstimes.com.
Despite the changes, economists like Dr J.C. Punongbayan of the University of the Philippines maintain the MIF is prone to graft.Malaysian and US investigators have said some US$4.5 billion was stolen from 1MDB – co-founded by Najib Razak during his first year as Malaysia’s prime minister in 2009 – and that more than US$1 billion went to accounts linked to Najib. Najib is serving a 12-year prison sentence for misappropriating RM42 million from SRC International, a former subsidiary of 1MDB.
But Dr Punongbayan noted that MIF’s provisions lack clear goals that the sovereign wealth funds of other countries have, as the MIF aims to earn from both commercial returns and investments in local development projects. But Mr Marcos gave assurances the MIF would be governed by highly competent people with good track records and outstanding integrity.
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