SP ZUBIRI'S STATEMENT ON PBBM'S DECISION TO SUSPEND IMPLEMENTATION OF THE MAHARLIKA FUND PROGRAM
18 October 2023

The decision of President Bongbong Marcos to suspend the Maharlika Fund implementation is a presidential prerogative that the Chief Executive chose to exercise early in its application.

Every policy has a pause button, or like a car, it is equipped with a brake or can be put in park. The President has the wheel. It is up to him whether to step on the gas or to slow down.

I think the President's act was to decelerate. And I see it as a very prudent move.

When so much money is at stake, it is better to proceed with an abundance of caution than to be reckless. During the debates on the Maharlika bill, we reminded the executive of the need for responsible stewardship, and, in fact, installed guardrails against fund placements that would result in losses.

Let us trust the President's wisdom in doing so, for I believe that he or his economic team had good and valid reasons to study the measure further.