Governance and Transparency in Sovereign Wealth Funds: A Systematic Review of Global Practices and Policy Insights for the Maharlika Investment Fund in the Philippines

The study systematically reviews the governance and transparency frameworks of sovereign wealth funds (SWFs), identifying key themes, best practices, and governance challenges. By synthesizing empirical findings, the research examines the relationship between governance mechanisms, financial performance, and risk management across different global SWFs. A comparative analysis of the Maharlika Investment Fund (MIF) and established international SWFs reveals significant governance gaps, including weak oversight, political influence, and limited disclosure mechanisms. Findings suggest that well-governed SWFs demonstrate higher financial stability, public trust, and long-term investment performance, whereas governance weaknesses contribute to financial volatility and inefficiencies. The study highlights the need for stronger regulatory safeguards, independent oversight bodies, and enhanced transparency measures for the MIF to align with international best practices. Recommendations include legislative reforms to insulate decision-making from political influence, the establishment of an independent sovereign investment board, and the implementation of standardized disclosure policies. Strengthening governance structures will be essential for ensuring the MIF’s financial sustainability and credibility. This research provides evidence-based insights for policymakers seeking to enhance sovereign fund management and improve financial governance in emerging economies.