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.
𝐏𝐁𝐁𝐌 𝐜𝐞𝐫𝐭𝐢𝐟𝐢𝐞𝐬 𝐬𝐞𝐧𝐚𝐭𝐞 𝐛𝐢𝐥𝐥 𝐞𝐬𝐭𝐚𝐛𝐥𝐢𝐬𝐡𝐢𝐧𝐠 𝐌𝐚𝐡𝐚𝐫𝐥𝐢𝐤𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐅𝐮𝐧𝐝 𝐚𝐬 𝐔𝐫𝐠𝐞𝐧𝐭
President Ferdinand R. Marcos Jr. has certified the necessity of immediately enacting Senate Bill No. 2020, titled "𝗔𝗡 𝗔𝗖𝗧 𝗘𝗦𝗧𝗔𝗕𝗟𝗜𝗦𝗛𝗜𝗡𝗚 𝗧𝗛𝗘 𝗠𝗔𝗛𝗔𝗥𝗟𝗜𝗞𝗔 𝗜𝗡𝗩𝗘𝗦𝗧𝗠𝗘𝗡𝗧 𝗙𝗨𝗡𝗗, 𝗣𝗥𝗢𝗩𝗜𝗗𝗜𝗡𝗚 𝗙𝗢𝗥 𝗧𝗛𝗘 𝗠𝗔𝗡𝗔𝗚𝗘𝗠𝗘𝗡𝗧, 𝗜𝗡𝗩𝗘𝗦𝗧𝗠𝗘𝗡𝗧, 𝗔𝗡𝗗 𝗨𝗦𝗘 𝗢𝗙 𝗧𝗛𝗘 𝗣𝗥𝗢𝗖𝗘𝗘𝗗𝗦 𝗢𝗙 𝗧𝗛𝗘 𝗙𝗨𝗡𝗗, 𝗔𝗡𝗗 𝗙𝗢𝗥 𝗢𝗧𝗛𝗘𝗥 𝗣𝗨𝗥𝗣𝗢𝗦𝗘𝗦," pursuant to Article VI, Section 26 (2) of the 1987 Constitution, “given 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.”
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 “Maharlika Wealth Fund: Financing the Future” on February 24, 2023 at the Manila Marriott Hotel.
“The Maharlika Investment Fund, which shall be the country’s first-ever sovereign investment fund, is designed to promote economic development by making strategic and profitable investments in key sectors,” 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 country’s 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 Philippines’ main finance mechanisms for infrastructure projects.
“The 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,” Secretary Diokno added.
He assured that the Fund will be established with the highest standards of accountability, fiscal responsibility, and good governance.
“The Maharlika Investment Fund, which shall be the country’s first-ever sovereign investment fund, is designed to promote economic development by making strategic and profitable investments in key sectors,” 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 country’s 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 Philippines’ main finance mechanisms for infrastructure projects.
“The 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,” 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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