President Ferdinand “Bongbong” Marcos Jr. said he was leaving it to Congress to decide on the final form of the proposed Maharlika Investment Fund (MIF).

Marcos said this after House Ways and Means Committee Chairperson Joey Salceda said he and three others were commissioned to “re-engineer” the (MIF), and that the President has approved their recommendations.

In an interview with Manila-based reporters here, the President said he was keeping his hands off the proposed sovereign wealth fund for now.

“I’m not sure what did I approve? It’s a law that’s in the process of legislation,” he said.

“I have no…. Wala akong role muna hanggang (I have no role in it until it reaches Malacañang),” he added.

According to Marcos, Congress was still trying to determine what form of a sovereign wealth fund would suit the Philippines.

“We have to design it very specifically to the Philippine condition,” he said.

“That’s what the legislators are trying to do now to make sure na babagay para sa atin (it will suit the Philippines), and it will be good for us. So that’s the process that we’re undergoing,” he added.

President Marcos raised the proposed sovereign wealth fund during his participation at the 2023 World Economic Forum (WEF) in Davos. Some foreign investors thought that it would be good for the country in the long run.

House Bill (HB) No. 6608, or the Maharlika Investment Fund Act (MIF), is an independent fund that adheres to the principles of good governance, transparency, and accountability and shall be sourced from the investible funds of select government financial institutions (GFIs), from contributions of the national government, declared dividends of the Bangko Sentral ng Pilipinas (BSP) and other sources of funds.

Under the proposed measure, the fund shall be used to invest on a strategic and commercial basis in a manner designed to promote fiscal stability for economic development and strengthen the top-performing GFIs through additional investment platforms that will help attain the national government’s priority plans.

The bill was approved on the third and final reading by the House of Representatives on December 15, 2022, and was transmitted to the Senate on December 19, 2022.

Source:
courtesy of MANILA BULLETIN

by Argyll Cyrus Geducos

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