Allaying concern that creating a haphazard Maharlika Investment Fund (MIF) might worsen the country’s huge indebtedness, National Treasurer Rosalia V. de Leon said that, on the contrary.
Allaying concern that creating a haphazard Maharlika Investment Fund might worsen the country’s huge indebtedness, National Treasurer Rosalia V. de Leon said that, on the contrary, the need to borrow to finance development can be reduced if sovereign wealth fund can be tapped for such endeavor.
Replying to questions from Senators Sherwin T. Gatchalian and Ana Theresia “Risa” N. Hontiveros, de Leon cited the example of other sovereign wealth funds. These, she said, were able to generate other co-investments. However, De Leon conceded to senators that they cannot yet get solid commitments from investors, at this point, “because we don’t have the legislation yet,” and can only present the draft legislation.ASKED by Hontiveros what would be the impact of MIF on the government goal to reduce the debt-to-GDP ratio, the national treasurer asserted that “this can ease the burden, as it will reduce our need to borrow.
Sovereign wealth funds have been created in more than 50 countries—including Indonesia, Vietnam and Kenya—whose economies are at par with the Philippines. Diokno expressed hope as well in the projected boost to government revenues from the minerals development roadmap.
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