Despite controversies and apprehensions, President Bongbong Marcos signed into law the bill creating the Maharlika Investment Fund on Tuesday, July 18.
The MIF will tap some state assets for investment ventures to generate additional public funds. Marcos said that the creation of a sovereign wealth fund is a bold step towards the country’s meaningful economic transformation.
“For the first time in the history of the Philippines, we now have a sovereign wealth fund designed to drive economic development,” Marcos said.
“Through the fund we will leverage on a small fraction of the considerable but underutilized investable funds of the government and stimulate the economy without the disadvantage of adding additional fiscal and debt burden,” he added.
Marcos also assured the public that the MIF will be independent and will be free from politics.
“Let us make sure that these are professionals. Let us make sure that the decisions that are being made for the fund are not political decisions that are financial decisions because that is what the fund is,” Marcos said.
The chief executive said that should the MIF succeed, the government can fund infrastructure projects without incurring debt.
“It is a crucial undertaking, it will support our overall goal of six and a half to eight percent gross domestic product growth in the medium term, and through the fund we will accelerate the implementation of the 194 National Economic and Development Authority board-approved flagship infra projects,” Marcos said.
“At its core, the MIF carries the dreams and aspirations of the Filipino people, our citizens who strive for a better future for themselves, their loved ones and their communities,” he added.
