If I am an underground personality who needs to launder a lot of money into legitimate investments, then yes, that Maharlika Fund is a sweetly attractive option.
That would just be one of many other options available for money laundering in the Philippines.
Drug lords have funded a lot of real estate developments in the Philippines. Every once in a while you hear about REITs (look it up over the internet). Large criminal enterprises are totally supportive of these initiatives. Look, these things aren't the "only in the Philippines" type. These sorts of underhanded dealings can be found anywhere in the world.
So, yes, investing in the Maharlika Fund is a wise strategy for criminal overlords. But then again, so would be investing in many other sovereign funds. Like 1MDB in Malaysia back then.
But, as a typical Filipino? Hmmm. I'd make sure that I have lots of assets beforehand. I'd think like a criminal. #SCAM