Original Statement to the Senate on December 19th, 2022.
The World Economic Forum (WEF) is a great venue for President Ferdinand R. Marcos Jr. to present the Maharlika Investment Fund (MIF) to see the reception of other countries to the proposed sovereign wealth fund, an economist said Monday.
Prior to his departure to Davos, Switzerland, President Marcos said he would discuss the proposed sovereign wealth fund of the Philippines with world leaders attending the WEF.
“Kumbaga, the President can gauge iyong interest ng mga other countries na iyon. Iyong how it was received by the audience when the President presents the Maharlika Investment Fund,” said Dr. Michael Batu, a Filipino-Canadian economist.
“And na-mention nga ng ating Pangulo ‘no na ang highlight nga nitong Maharlika Investment Fund na ito is, for example, iyong directed investments towards agriculture, so mayroong digitalization, mayroong energy and climate change,” Batu said.
According to Batu, the President has to mention the possible areas of investment with regard to the Maharlika Investment Fund to inform other leaders about the country’s sovereign wealth fund.
And once the President presents the Maharlika Investment Fund at the WEF, he can discuss it with them, get some advice, and also learn the best practices in running sovereign wealth funds.
“At makakatulong ito sa pag-i-improve at sa pagpipino ng current version ng sovereign wealth fund, iyong Maharlika Investment Fund, habang papunta na ito sa Senado ngayong Enero,” Batu pointed out.
House Bill (HB) No. 6608 or the Maharlika Investment Fund Act, was approved on third and final reading by the House of Representatives on December 15, 2022.
Under the proposed measure, the MIF is an independent fund that adheres to the principles of good governance, transparency and accountability and shall be sourced from the investible funds of select government financial institutions (GFIs), from contributions of the National Government, from the declared dividends of the Bangko Sentral ng Pilipinas (BSP) and other sources of funds.
The fund shall be used to invest on a strategic and commercial basis in a manner designed to promote fiscal stability for economic development and strengthen the top-performing GFIs through additional investment platforms that will help attain the national government’s priority plans.
