The Marcos administration’s economic managers said the Maharlika Investment Fund (MIF) could serve as an alternative financing option for the government should the Philippines become an upper-middle income state, which would render it ineligible for cheaper borrowing from its development partners.
The achievement of upper middle-income status would"render the country ineligible to avail of the low-interest loans and grants that are offered to low-income and lower-middle-income economies," the administration's economic managers said in a joint statement on Tuesday. Ted Cordero/ File photo
The chiefs of the Finance and Budget Departments, the National Economic and Development Authority, and the Bangko Sentral ng Pilipinas issued a joint statement touting the creation of the MIF—the Philippines’ very first sovereign wealth fund—“as a vehicle for economic growth.” NEDA Secretary Arsenio Balisacan earlier said the goal of becoming an upper-middle income economy might be achieved in 2025, a year later than previously expected, as the effect of the pandemic-induced recession is likely to temper growth.
In 2019, the Philippines was categorized as a lower-middle income country with a GNI per capita of between $1,006 and $3,955.
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