Atin Ito First Filipino Community Newspaper in Ontario
The Maharlika fund would be invested in agriculture, infrastructure, and energy development, President Ferdinand “Bongbong” Marcos Jr. said on Tuesday, July 18, after signing into law the bill creating the Maharlika Investment Fund (MIF) and allaying fears of fund mismanagement.
President Ferdinand Marcos Jr. signs into law the bill establishing the Maharlika Investment Fund or Republic Act 11954. Among those who witnessed the event are (from right) Speaker Martin Romualdez, Sen. Mark Villar, (from left) Senate President Juan Miguel Zubiri and Executive Secretary Lucas Bersamin (partly hidden). (Photo from Speaker’s office)
He recalled watching television one day and hearing the sentiments of “some people” about where to put the fund—in agriculture, infrastructure, and energy.
“Eh nanunood ako ng television sabi ko, ‘Syempre kinakausap ko ang TV, saan nyo kaya iniisip na ilalagay yan, bibili kami ng magagarang kotse? Bibili kami ng malalaki yate? Yan ba ‘yung iniisip ninyo (I was watching television I said, ‘Of course, I was talking to the TV, where do you think we will put it, are we going to buy luxury cars? Are we going to buy big yachts? Is that what you are thinking),’” he said at the signing of the MIF Act of 2023 in Malacañang.
“It makes me laugh because that is so far from the truth. That is precisely where we are going to put this money. That is precisely where we are going to apply this money. All those critical sectors that have been left behind, all those critical sectors that have to adjust to the new global economy, those are the pressure points that we will apply the fund on,” the President added.
Similar to what his economic managers have been saying, the Chief Executive also pointed out that the fund would help the country’s fiscal deficit, including the “potential to funnel external financing, reducing the government’s burden to finance infrastructure through borrowings, taxes.”
“The establishment of sovereign wealth fund will widen the government’s fiscal space and ease pressure in financing public infrastructure project,” he added.
He said that the MIF, which is a “crucial undertaking,” will support the government’s goal of achieving 6.5 percent to 8 percent gross domestic product (GDP) growth in the medium term.
Marcos furthered that “through the fund, we will accelerate the implementation of the 194 national economic and development authority board-approved flagship infrastructure projects” of his administration.
The MIF hurdled both the lower and upper chambers of Congress after Marcos certified the bill as urgent.
The signing of the measure took place six days before the President’s second State of the Nation Address (SONA) on July 24. — Raymund Antonio
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Credit belongs to: www.mb.com.ph
