Maharlika bill transmitted to Malacañang for Marcos signature

PRESIDENT Ferdinand Marcos Jr. is expected to sign the controversial Maharlika Investment Fund (MIF) measure, which had been transmitted to Malacanang, a Palace spokesman said on Wednesday.

Presidential Communications Office Secretary Cheloy Garafil. File Photo 

“Maharlika bill received yesterday (Tuesday) by ODESLA (Office of the Deputy Executive Secretary for Legal Affairs),” Presidential Communications Secretary Cheloy Garafil said in a text message.

The President had said he will immediately sign the proposed law once he receives it.

But Marcos also said he would still need to look into the changes made in the Congress’ approved version, which according to him, should be independent of the government to become successful.

“Am I happy? Well, that is the version the House and the Senate have passed and we will certainly look into all of the changes that have been made,” the President said in an interview in June.

Certified as “urgent” by Marcos, the MIF is a sovereign wealth fund that will be used to invest in a wide range of assets, including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, commercial real estate and infrastructure projects.

The fund is expected to generate income for the government and help promote economic development. — Catherine S. Valente

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