A narcissistic proposal
In a tale of broken promises, narcissistic, sociopathic, and psychopathic people are notorious for fake and pseudo proposals. One of the reasons for making a fake and pseudo proposal is to use you to feed their ego and get the admiration, praise, and attention from other people.
Budget Secretary Amena F. Pangandaman said that the Maharlika Wealth Fund (MWF) aims to ensure economic growth by generating consistent and stable investment returns with appropriate risk limits to preserve and enhance the long-term value of the fund, obtaining the best absolute return and achievable financial gains on its investments; and satisfying the requirements of liquidity, safety/security, and yield to ensure the profitability of the GFIs’ respective funds. (shorturl. at/eDER5)
The MWF appears to be a grand plan for the country’s wealth creation. Its grandiosity has attracted the narcissists who are now scampering to be placed in the limelight for having such a great idea. But as the narcissists jump onto the bandwagon of “this is my brilliant idea,” later they realize that the idea has created so much divisiveness and misgiving among the Filipinos.
The result? Some narcissists suddenly became members of the cult of doubting Thomases for fear that this would cost their political careers.
As the events turned out, the proponents admitted that no careful study was conducted on the proposal. The economic team members now sing different tunes as they realize that the MWF is bound to fizzle out.The funds from the Government Service Insurance System (GSIS), the Social Security System (SSS), the Land Bank of the Philippines (LANDBANK), and the Development Bank of the Philippines (DBP) that they intend to tinker with are held in trust for their intended beneficiaries.
The people’s money cannot simply be placed in highly risky investments as they are intended to fund the scheduled retirements of government and private employees. Investment managers of each of the named government financial institutions know very well the right mix of conservative investments to generate returns of investment higher than the inflation rate. They know that “the higher the risk, the higher the return,” and by recklessly succumbing to the temptation of higher returns, they are putting the people’s money in great peril of dissipation.
A robust and vibrant economy is key to better-managed funds. The government must first aim to revive and strengthen the economy to sustain the desired growth trajectory, which is how real wealth is created.
The government has made several attempts but failed as we hover around an economic recession.
One thing to remember on this highly divisive issue: Narcissists show off their wealth but hide the fact that they are imprisoned in a debt trap.