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Manila Bulletin devider Philippines devider National devider 'I trust his instincts': Arroyo reacts to PBBM's suspension of Maharlika fund

'I trust his instincts': Arroyo reacts to PBBM's suspension of Maharlika fund

Published Oct 18, 2023 05:37 am

At A Glance

  • House Deputy Speaker and former president Gloria Macapagal-Arroyo says there's "nothing wrong" with supporting President Marcos' decision to suspend the Maharlika Investment Fund (MIF), noting that he must have his "reasons" for doing so.

20231018_131959.jpgDeputy Speaker Gloria Macapagal-Arroyo (left), President Ferdinand "Bongbong" Marcos Jr. (PPAB, BBM Media Bureau)

 

 

 

 

 

 

House Deputy Speaker and former president Gloria Macapagal-Arroyo says there's "nothing wrong" with supporting President Marcos' decision to suspend the Maharlika Investment Fund (MIF), noting that he must have his "reasons" for doing so.
 

"The President must have his reasons and I trust his instincts on this so I think there's nothing to lose if we support the President on the suspension, as he deems appropriate," Arroyo told House reporters in a chance interview Wednesday, Oct. 18. 

Arroyo, Pampanga 2nd district representative, had just attended a hearing of the House Committee on Basic Education Wednesday when reporters got hold of her. 

Asked if the suspension of the sovereign wealth fund would affect its target implementation by the end of the year, the lady solon said: "You know, the President is the one who has access to data. As I said, he has his reasons. So we trust him in this." 

"As a member of Congress, what I want to say is, to repeat, the President must have his reasons and we trust him...and I think we have  nothing to lose if we support the President," reiterated Arroyo, who is an economist. 

The MIF law is embodied in Republic Act (RA) No.11954. It was signed into law by President Marcos amid much fanfare last July 18. 

Described by proponents as a "vehicle for investments", the MIF seeks to create a new revenue stream for the country by tapping investible funds for investments either here or abroad. The profits from these investments will be used to bankroll big ticket projects.

Related Tags

gloria macapagal-arroyo Ferdinand Bongbong Marcos Maharlika Investment fund PBBM
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