As a Filipino Citizen are your pro or cons with Maharlika Investment Fund or Sovereign Wealth Fund. Even Senator Imee Marcos, sister of President Bong Bong Marcos believes that there are lot more to review and polish with the Maharlika Investment Fund Bill.
๐๐๐๐ ๐๐๐ซ๐ญ๐ข๐๐ข๐๐ฌ ๐ฌ๐๐ง๐๐ญ๐ ๐๐ข๐ฅ๐ฅ ๐๐ฌ๐ญ๐๐๐ฅ๐ข๐ฌ๐ก๐ข๐ง๐ ๐๐๐ก๐๐ซ๐ฅ๐ข๐ค๐ ๐๐ง๐ฏ๐๐ฌ๐ญ๐ฆ๐๐ง๐ญ ๐ ๐ฎ๐ง๐ ๐๐ฌ ๐๐ซ๐ ๐๐ง๐ญ
President Ferdinand R. Marcos Jr. has certified the necessity of immediately enacting Senate Bill No. 2020, titled "๐๐ก ๐๐๐ง ๐๐ฆ๐ง๐๐๐๐๐ฆ๐๐๐ก๐ ๐ง๐๐ ๐ ๐๐๐๐ฅ๐๐๐๐ ๐๐ก๐ฉ๐๐ฆ๐ง๐ ๐๐ก๐ง ๐๐จ๐ก๐, ๐ฃ๐ฅ๐ข๐ฉ๐๐๐๐ก๐ ๐๐ข๐ฅ ๐ง๐๐ ๐ ๐๐ก๐๐๐๐ ๐๐ก๐ง, ๐๐ก๐ฉ๐๐ฆ๐ง๐ ๐๐ก๐ง, ๐๐ก๐ ๐จ๐ฆ๐ ๐ข๐ ๐ง๐๐ ๐ฃ๐ฅ๐ข๐๐๐๐๐ฆ ๐ข๐ ๐ง๐๐ ๐๐จ๐ก๐, ๐๐ก๐ ๐๐ข๐ฅ ๐ข๐ง๐๐๐ฅ ๐ฃ๐จ๐ฅ๐ฃ๐ข๐ฆ๐๐ฆ," pursuant to Article VI, Section 26 (2) of the 1987 Constitution, โgiven the downgraded global growth projection this year, caused by debilitating inflation, fluctuating and unstable prices of crude oil and other fuels resulting from the prolonged conflict between Ukraine and Russia, along with ongoing interest rate hikes in the international financial sector, there arises an urgent need for a sustainable national investment fund.โ
Finance Secretary Benjamin Diokno presented the Maharlika Investment Fund (MIF) as a tool for economic development to the business community during the Asia CEO Forum entitled โMaharlika Wealth Fund: Financing the Futureโ on February 24, 2023 at the Manila Marriott Hotel.
โThe Maharlika Investment Fund, which shall be the countryโs first-ever sovereign investment fund, is designed to promote economic development by making strategic and profitable investments in key sectors,โ he said.
Secretary Diokno cited key examples such as public road networks, tollways, green energy, water, agro-industrial ventures, and telecommunications, which offer better rates of return and greater socioeconomic impact.
In the near and medium term, the passage of the MIF will widen the countryโs fiscal space and ease pressures in financing public infrastructure projects. Currently, the national budget, public-private partnership (PPP) arrangements, and official development assistance (ODA) serve as the Philippinesโ main finance mechanisms for infrastructure projects.
โThe Fund is an additional vehicle that would allow the government to tap surpluses that cannot be utilized under current legal frameworks. It will also be open to co-financing with foreign investors and multilateral institutions to facilitate financing of capital-intensive big-ticket infrastructure,โ Secretary Diokno added.
He assured that the Fund will be established with the highest standards of accountability, fiscal responsibility, and good governance.
โThe Maharlika Investment Fund, which shall be the countryโs first-ever sovereign investment fund, is designed to promote economic development by making strategic and profitable investments in key sectors,โ he said.
Secretary Diokno cited key examples such as public road networks, tollways, green energy, water, agro-industrial ventures, and telecommunications, which offer better rates of return and greater socioeconomic impact.
In the near and medium term, the passage of the MIF will widen the countryโs fiscal space and ease pressures in financing public infrastructure projects. Currently, the national budget, public-private partnership (PPP) arrangements, and official development assistance (ODA) serve as the Philippinesโ main finance mechanisms for infrastructure projects.
โThe Fund is an additional vehicle that would allow the government to tap surpluses that cannot be utilized under current legal frameworks. It will also be open to co-financing with foreign investors and multilateral institutions to facilitate financing of capital-intensive big-ticket infrastructure,โ Secretary Diokno added.
He assured that the Fund will be established with the highest standards of accountability, fiscal responsibility, and good governance.
credit:dof.gov.ph
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