October 5, 2023 Jester P. Manalastas 385 views

SPEAKER Ferdinand Martin Romualdez has invited members of the Capital Market Community to consider the promising prospects of the Maharlika Investment Fund (MIF).

“I encourage our revered guests and esteemed partners to explore this investment opportunity, a venture that signifies shared growth and mutual advancement, propelling our nation towards an era of unparalleled economic renaissance,” Romualdez said in his speech during the Forum on Legislative Reforms in the Philippine Capital Market at the Philippine Stock Exchange in Bonifacio Global City,

While he admitted the challenges to the country’s growth prospect remain such as the need to manage inflation, he assured the public that the administration of President Marcos, Jr. remains steadfast in its resolve to cultivate a landscape conducive to foreign direct investments, including efforts to amend constitutional provisions that have historically erected barriers to economic openness.

Romualdez said the proposed sovereign wealth fund will help Marcos keep the country on the high-growth path.

He also assure the public that the management of the fund will follow best practices and the principles of transparency and accountability.

Last July, Marcos signed into law the controversial MIL bill despite warnings and objection from some economists and lawmakers that it may put the Philippine economy at risk.

The MIF is a sovereign wealth fund that the government targets to use to invest in foreign currencies, domestic and foreign corporate bonds, commercial real estate, and infrastructure projects.

Under the law, the initial capital will come from the investible funds of the Land Bank of the Philippines, the Development Bank of the Philippines, declared dividends of the Bangko Sentral ng Pilipinas, and other sources.

According to Romualdz, neighboring countries such as Vietnam and Indonesia, have demonstrated the transformative power of embracing foreign direct investments, benefiting from enhanced job creation and infrastructural advancement, facets that need to be strengthened.

“Let us unite our visions, our ambitions, and our efforts to sculpt a Philippine economy that is dynamic, inclusive, and innovative. Let us work together to realize the holistic development of our nation and ensure that every Filipino enjoys the fruits of our collective labor,” Romualdez said.