MANILA, Philippines – President Ferdinand R. Marcos Jr. signed the controversial Maharlika Investment Fund (MIF) Act of 2023 in a ceremony at the Kalayaan Hall in Malacañan Palace on Tuesday, July 18, 2023.
The MIF is the Philippines’ first-ever sovereign wealth fund aimed at optimizing the country’s national funds by generating returns to support the Administration’s economic goals.
Marcos also addressed critics of the bill, "I hear some people commenting 'hindi ba kung may pera tayo na ganiyan, dapat ilagay sa agrikultura, energy development, infra?'
San niyo ba naisip na ilalagay namin ‘yan? na bibili kami ng magagarang kotse, malalaking yate?
‘Yun ba ang iniisip niyo? It makes me laugh because it’s far from truth."
He said the "critical" sectors would get a boost from Maharlika fund.
With the signing of the MIF Act, the Administration is set to prepare the implementing rules and regulations (IRR) for the creation of the Maharlika Investments Corporation (MIC), which will act as the sole vehicle for the purpose of mobilizing and utilizing the MIF for investments in transactions to generate optimal returns on investments (ROIs).
The MIC is expected to have at least PhP75 billion in paid-up capital this year, with PhP50 billion sourced from the Land Bank of the Philippines and PhP25 billion from the Development Bank of the Philippines.
The Fund is targeted to be invested in a wide range of assets, including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, joint ventures, mergers and acquisitions, real estate and high-impact infrastructure projects, and projects that contribute to the attainment of sustainable development.
— The Summit Express
The MIF is the Philippines’ first-ever sovereign wealth fund aimed at optimizing the country’s national funds by generating returns to support the Administration’s economic goals.
Marcos also addressed critics of the bill, "I hear some people commenting 'hindi ba kung may pera tayo na ganiyan, dapat ilagay sa agrikultura, energy development, infra?'
San niyo ba naisip na ilalagay namin ‘yan? na bibili kami ng magagarang kotse, malalaking yate?
‘Yun ba ang iniisip niyo? It makes me laugh because it’s far from truth."
He said the "critical" sectors would get a boost from Maharlika fund.
With the signing of the MIF Act, the Administration is set to prepare the implementing rules and regulations (IRR) for the creation of the Maharlika Investments Corporation (MIC), which will act as the sole vehicle for the purpose of mobilizing and utilizing the MIF for investments in transactions to generate optimal returns on investments (ROIs).
The MIC is expected to have at least PhP75 billion in paid-up capital this year, with PhP50 billion sourced from the Land Bank of the Philippines and PhP25 billion from the Development Bank of the Philippines.
The Fund is targeted to be invested in a wide range of assets, including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, joint ventures, mergers and acquisitions, real estate and high-impact infrastructure projects, and projects that contribute to the attainment of sustainable development.
— The Summit Express
