By Atty. Howie Calleja
As of this writing, President Ferdinand Marcos Jr. who is now in a 5-day visit in Davos, Switzerland, for the World Economic Forum (WEF) has planned to “soft launch” his administration’s proposed Maharlika Investment Fund. In this international stage from January 15 to 20, he plans to drumbeat in this annual economic event such financial instrument in the presence of political and business elite from all over the world. Department of Foreign Affairs (DFA) Undersecretary Carlos Sorreta calls the WEF the “premiere forum” for leaders to network and deliberate solutions to issues hounding the world economy.
Well to begin with, I agree with Sen. Pimentel when he warns us that, “It is more than a marketing strategy, it’s a move to tie the hands of Congress, particularly the Senate, on the controversial measure …It is too early, too premature. Sigurado ba silang lulusot sa Senado yang Maharlika Investment Fund bill (Are they certain that it will be passed by the Senate)?” As such, the operative word in such a move is PREMATURE; and as such is not only hasty but irresponsible as well.
In TQM (Total Quality Management) there is a dictum … “Do the right things, right the first time, every time”. In other words, if something is done right first time, it is done perfectly every time, and no time and money is wasted correcting errors caused by doing it too fast or without controlling quality. Doing things right the first time will provide immediate value. This helps most of the times. It will be painful when we skim through tasks and not doing it completely right the first time. It always comes back. And when you have to correct it, it usually takes more time than it would have taken to do it right, the first time. It also becomes complex.
What will you expect in a “financial instrument” haphazardly presented in a global financial forum — DISASTER. And, why do I say such a thing? This proposed Maharlika Investment Fund has not even completed thorough public and legislative scrutiny; and yet we have to nerve to launch such financial undertaking. Steve Jobs once advised, “We had a fundamental belief that doing it right the first time was going to be easier than having to go back and fix it. And I cannot say strongly enough that the repercussions of that attitude are staggering. I’ve seen them again and again throughout my business life”.
Some say “The devil is in the details,” meaning solutions break down when you examine them closely enough. Some say “God is in the details,” meaning opportunities for discovery and creativity come from digging into the details. Both are true, but the latter is more interesting. So, a premature presentation or launch of this financial instrument clearly lacks the needed details that investors will surely need to appreciate it more logically.
In the end, to present such a financial undertaking without full legislative approval is to present a public policy without legal basis which diminishes the rule of law. Moreover, its financial viability is another issue, since the Maharlika Investment Fund is not supported by surplus funds but by resources sourced from debt it is not only financially but legally problematic at this time. If we want to be governed by principles of a formal and procedural character then our actions must always be ruled by our laws and not the whimsical desire of our president. Let our legislative process take its full course before launching it in the international stage. These formal principles of legislation concern the generality, clarity, publicity, stability, and perspectivity of the norms that govern our society.
