ICYMI: President Ferdinand Marcos Jr. on Tuesday, July 18, signed the controversial Maharlika Investment Fund bill into law.
MANILA, Philippines – Less than six months after he first explicitly endorsed what was, even then, a controversial sovereign wealth fund, President Ferdinand Marcos Jr. on Tuesday, July 18, signed a law creating the“The Maharlika Investment Fund is a bold step towards our country’s meaningful economic transformation.
The MIF, previously called the Maharlika Wealth Fund, is a sovereign wealth fund that would be used to invest in domestic and foreign corporate bonds, commercial real estate, and infrastructure projects, among others.” it when he flew to Switzerland for the World Economic Form in January.
Since the House adopted the Senate version of the measure, the bill spent practically no time at the bicameral conference committee level, breezing through the 19th Congress. The Senate version also states that the Bangko Sentral ng Pilipinas will contribute 100% of its remittances during the first and second year of the Maharlika fund’s establishment rather than being required to continue remitting its dividends until the national government’s P50 billion contribution is fully paid up. This would limit the impact to the BSP’s capital build-up.
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