Camarines Sur 2nd district Rep. LRay Villafuerte says that the "broad popular support" for the proposed Maharlika Investment Fund (MIF) should convince its critics to give the controversial measure a chance.

“With one in every two Filipinos who are aware of the MIF actually supportive of this President-endorsed HB 6608, there is reason for even the doubting Thomases to give this proposal a chance to prove its worth once the Senate further tweaks and passes this year its own version that would likely address other concerns, if any, raised by skeptics and other critics,” Villafuerte said in a statement Sunday, Jan. 15.

He was referring to the mobile-based nationwide survey carried out last December by market research and opinion pollster Tangere, which showed that of the 83.75 percent of Filipinos who were aware of the MIF, 54.08 percent of them support its passage into law.

Of the 2,400 people polled across the country over the Dec. 8-10 period, Tangere said 2,010 knew about the MIF, and 65.47 percent of this believed its institutionalization was timely. Some 57.86 percent said it could help fuel crucial administration projects, while 56.67 percent believed it would help grow the economy.

Tangere reported that 12 percent of the respondents were from Metro Manila, 23 percent were from North and Central Luzon, 22 percent from South Luzon, 20 percent from the Visayas, and 23 percent from Mindanao.

“The Tangere survey results illustrated that aside from having the backing of various business groups and leaders as well as of international institutions like the ADB (Asian Development Bank), this investment vehicle plan already green-lighted by the House enjoys broad support among Filipinos from all over the country,” Villafuerte, a co-author of House Bill (HB) No.6608, said.

The MIF--which will basically serve as the Philippine sovereign wealth fund--is contained on HB No.6608, which the House of Representatives approved on third and final reading last Dec. 15 before Congress went on holiday break.

Villafuerte issued his remarks after Department of Foreign Affairs (DFA) Undersecretary Carlos Sorreta bared President Ferdinand "Bongbong" Marcos Jr.'s plan to “soft launch” the MIF during his Jan. 15-20 trip to Davos, Switzerland on the occasion of the 2023 World Economic Forum (WEF).

He also pointed out that the initial reservations over certain features of the MIF Bill--such as the use of Government Service Insurance System (GSIS) and Social Security System (SSS) pension funds, along with the MIF board's chairmanship by the President--were quickly addressed with the major changes or amendments made by the House before it' passage.

Villafuerte said HB No.6608 provides that the initial investment will come only from the investible funds of the Land Bank of the Philippines (LandBank) and Development Bank of the Philippines (DBP), gaming revenues of the Philippine Amusement and Gaming Corp. (PAGCOR) and other state-run gaming operators, and dividends of the Bangko Sentral ng Pilipinas (BSP).

The Bicolano said that investments from the proposed MIF will be limited to big-ticket projects approved by the National Economic and Development Authority (NEDA) Board, which is chaired by the President. This will ensure that such ventures are in support of the Marcos administration’s socio-economic development program.

He noted that the approved House bill also has punitive measures—ranging from a prison term of six years to 20 years and/or a fine of P10,000 to P5 million—against future violators of investment guidelines and policies to be drawn up by the Maharlika Investment Corporation (MIC) Board.