The "keen interest" shown by global leaders in the proposed Maharlika Investment Fund (MIF) during the World Economic Forum (WEF) in Davos, Switzerland justifies the fast-tracking of the measure by the Philippine House of Representatives.
House Speaker Martin Romualdez offered this take Wednesday afternoon, Jan . 18,, in a statement sent to House reporters.
“The swift passage of House Bill (HB) No. 6608, creating the enabled the President and the Philippine delegation to take advantage of the enormous opportunity to showcase the positive developments in our country and creative strategies to gain growth momentum,” said Romualdez, who represents Leyte’s 1st district.
Designed to be the country’s very own sovereign wealth fund, the MIF Bill was passed on third and final reading by the House last Dec. 15.
It took only 18 days for the measure to get the chamber's nod. It was expedited after President Ferdinand "Bongbong" Marcos Jr. certified it as an urgent price of legislation.
Marcos was earlier reported to be looking to "soft launch" the MIF at the Davos meet, which was attended by key international leaders and business bigwigs.
President Marcos introduced the MIF during the Philippines Country Strategy Dialogue on Tuesday, where the Chief Executive noted that the process of establishing the country’s first-ever sovereign wealth fund is underway.
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Members of the Philippine delegation to Davos noted the “huge interest” shown by WEF attendees in the proposed MIF.
“We could not have accomplished this challenging task without the cooperation and sacrifice of our members who exerted tremendous effort and diligence so we can conduct exhaustive debates and introduce necessary refinements to the Maharlika Investment Fund bill before our Christmas break,” Romualdez said, referring to his fellow House members.
Romualdez is part of the country’s official delegation to the WEF.