Maharlika Fund awaits Marcos approval
THE proposed Maharlika Investment Fund (MIF) now is now awaiting the signature of President Ferdinand R. Marcos Jr..
Before the adjournment sine die of the First Regular session of the 19th Congress, lawmakers approved the final version of the MIF with the House of Representatives adopting the version of the Senate.
The main purpose of the bill is to create a sovereign wealth fund that will boost the country’s economy.
The measure contains stiffer safeguards to allay fears of the public about losing large amount of money and removes contentious provision on financing from some state pension funds.
Administration allies are expecting the President to announce that he has signed it by SONA.
As promised, the MIF will not touch the funds of the Social Security System, Government Service Insurance System, Philhealth, or PAG-IBIG.
One of the authors, Albay Rep. Joey Salceda said he suggested involving multilateral institutions and the stock market.
“To refine the implementation, I raised some points during our pre-bicameral conference meeting that I hope can be addressed by the Executive. First, I suggested that we allow multilateral financing institutions like the World Bank and the Asian Development Bank to be strategic partners with a stake in the founding of the MIF,” he said.
“These banks bring in not only capital, but also experience, institutional expertise, and international credibility to the Fund. I also suggested that we make [a] provision for listing in the stock market,” the veteran solon added.
The lawmaker pointed out that the implementing rules also need to clarify the extent of coverage by the Civil Service Commission.
