The 19 priority bills enunciated at the beginning of the President's administration should be the first set of legislated enactments to be minted as an integral part of the overall policy architecture.

However, changes in design, purpose, and utilization are constantly made in the course of construction.

Thus, like lightning, the proposed "sovereign wealth fund" in House Bill 6398 suddenly popped out of the blue. Ranged against FM Jr.'s earlier priority measures proposed to Congress, this instant bill is not remotely related nor connected to any such measure.

There are chaotic signs that policy directions are in constant flux. Establishing the so-called Maharlika Investment Fund sets a new direction that has repercussions — either advantageous or disadvantageous — to our collective existence in social and economic terms.

A cursory reading of the 16-page bill triggers a feeling of indifference, dismay, and ambivalence depending on how and when all chips eventually fall in place. There's a need to examine it with a modicum of cynicism whether it's headed in the direction of failure or success, for our betterment or peril, redemption or deprivation.

Indisputably, the fate of most government-owned and controlled corporations leads to one of three possibilities, viz: merger, privatization, abolition — all on account of failure to fulfill their mandate which is essentially to generate revenues for the government as public enterprises. HB 6398 creates a GOCC called Maharlika Investment Corporation.

Strikingly, HB 6398 sends an irreverent message that it enjoys a broad array of exemptions resembling blanket immunity; call it that, against taxes, regulatory restrictions, the reach and whip of landmark laws. Its vision to build a powerful investment backbone might alter if not influence the "command and control" of our existing governance structure.

The sovereign wealth fund is drawn from the "astronomical" rates of equity mandated or imposed upon the Government Service Insurance System, Social Security System, LandBank, Development Bank of the Philippines, plus the annual contributions to the fund by the Bangko Sentral ng Pilipinas, and the General Appropriations Act, among other sources. The BSP will render 10 percent of foreign currency remittances of overseas Filipino workers, and another 10 percent of the annual contribution of the business processes outsourcing sector. PAGCOR will also cash in 10 percent from gaming proceeds, and annual contributions from GAA or SA and "other sources" inflows.