He signed the law days before his second State of the Nation Address, and about two weeks after Congress had sent the bill, which he certified as urgent, to the Palace for his signature. READ MORE:
MAHARLIKA ENACTED INTO LAW. President Ferdinand Marcos Jr. beams as he holds up a copy of the bill enacting the Maharlika Investment Fund as Republic Act 11954 in a ceremony at Malacanang Palace on Tuesday. Applauding the President are Senate President Juan Miguel Zubiri, Sen. Mark Villar, Speaker Martin Romualdez, Sen. Joel Villanueva, and House Majority Leader Manuel Jose Dalipe, with Executive Secretary Lucas Bersamin partly hidden .
MIF will generate its capital fund through government financial institutions and the national government. The Chief Executive said there are 194 priority projects approved by the National Economic and Development Authority that will benefit from the MIF.“Where do you think we will put it [fund]? Are we going to buy fancy cars? Are we buying big yachts? It makes me laugh because that is so far from the truth,” he said in a mix of English and Filipino.
Senate President Juan Miguel Zubiri said that he asked Mr. Marcos to add MIF’s priority programs in his second SONA next week. “So I think that is a big game changer, that’s one example that I can think of, and [there are]] many others to come. But we’ll let the President announce [those],” he said. Romualdez, one of the principal authors of the House version of the MIF, was among the government officials who witnessed the President sign the law at Malacanang Palace.
Rep. Joey Sarte Salceda of Albay, who chairs the House Ways and Means Committee, said the MIF will be the country’s “bridge between trillions in investible funds and thousands of investable development projects.” Romualdez said that international investors have already expressed interest in investing in the fund, including the Japan Bank for International Cooperation and several US companies.
“We will leverage on a small fraction of the considerable but underutilized investable funds of the government and stimulate the economy without the disadvantage of having additional fiscal and debt burden,” Marcos said. The fund will be allowed to make a wide range of investments, including in corporate bonds, equities, joint ventures, and infrastructure projects.
Finance Secretary Benjamin Diokno said that the MIF will be safeguarded with “layers of audits” against possible abuses and corruption. Within the MIC is an advisory body composed of the secretary of the Department of Budget and Management, the secretary of the National Economic and Development Authority, and the Bureau of the Treasury that will assist the board of directors in formulating general policies related to investment and risk management.
National Economic and Development Authority Secretary Arsenio Balisacan said that among the potential areas in which the MIF can invest are some of the 194 Infrastructure Flagship Projects of the “Build-Better-More” program.
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