President Ferdinand “Bongbong” Marcos Jr. on Tuesday has signed into law the controversial Maharlika Investment Fund (MIF) bill, marking the Philippines’ first-ever sovereign wealth fund.
The signing ceremony took place at the Kalayaan Hall of Malacañan Palace in Manila and was attended by members from both the Senate and the House of Representatives.
In his keynote speech, Marcos emphasized that the MIF aims to drive economic development in the country.
“The MIF is a bold step towards our country’s meaningful economic transformation. Just as we are recovering from the adverse effects of the pandemic, we are now ready to enter a new age of sustainable progress, robust stability and broad-based empowerment,” Marcos stated.
“We now have an available fund that will provide us the seed money for investments and to attract other foreign investments and for us to be able to participate in those operations, in those investments without additional borrowings,” he added.
Marcos emphasized that he would make sure the MIF would be “well-run” by professionals.
Under the new Republic Act (RA) 11954, the MIF will be utilized to invest in a diverse range of assets, including foreign currencies, fixed-income instruments, corporate bonds both domestic and foreign, joint ventures, mergers and acquisitions, real estate, and high-impact infrastructure projects that contribute to sustainable development.
The establishment of the MIF is expected to offer the government a long-term source of income while providing additional funding for other priority projects, thereby easing the burden on the national budget.
However, the MIF has faced criticism due to possible pitfalls of investments.
Senate Minority Leader Aquilino Pimentel III urged President Marcos to veto the bill. Pimentel raised concerns that the law could divert resources that are needed for pressing issues like education and healthcare gaps. Similarly, Senator Francis Escudero described the MIF as a leap into the unknown.
Despite the opposition, President Marcos certified the bill as urgent for both chambers of Congress, and it received overwhelming support from both the House of Representatives and the Senate. The House approved the measure with 279 yes votes, while the Senate recorded 19 votes in favor.
Only seven lawmakers, including Senator Risa Hontiveros and Representatives France Castro, Raoul Manuel, Arlene Brosas, Edcel Lagman, Mujiv Hataman, and Gabriel Bordado, voted against the MIF.
Marcos Jr. signs Maharlika Investment Fund bill into law
Source: Pinoy News Udpates PH
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