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Manila Bulletin devider Philippines devider National devider Lagman: No foreign investor has rescued Maharlika fund

Lagman: No foreign investor has rescued Maharlika fund

Published Oct 18, 2023 10:33 am

At A Glance

  • Independent minority solon Albay 1st district Rep. Edcel Lagman said on Wednesday, Oct. 18 that the controversial Maharlika Investment Fund (MIF) has yet to be saved by a foreign investor. 

IMG-b80002a82c469187d89d2c06a38d6752-V.jpgAlbay 1st district Rep. Edcel Lagman (Screenshot from Zoom)

 

 

 

 

 

 

Independent minority solon Albay 1st district Rep. Edcel Lagman said on Wednesday, Oct. 18 that the controversial Maharlika Investment Fund (MIF) has yet to be saved by a foreign investor. 

"No foreign investor has come to the rescue of the MIF," Lagman, president of the Liberal Party (LP), said in a statement. 

"Since the MIF Act bled dry the Land Bank of the Philippines (LBP) and Development Bank of the Philippines (DBP) of their capital assets for infusion to the MIF, the two government banks suffered depletion of their resources so much so that they had to plead for exemption from the reserve requirements of the Bangko Sentral ng Pilipinas (BSP)," he said. 

As per Republic Act (RA) No.11954 or the MIF Law, the seed money for this Philippine sovereign wealth fund would come from LBP and DBP. 

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. 

On Wednesday, President Marcos ordered the suspension of the implementation of the MIF. This spawned reactions from critics of the law with the common theme of, "I told you so." 

"'Haste makes waste' is an appropriate aphorism for inscription on the epitaph of the [MIF]. The MIF Act was enacted with inordinate alacrity without adequate and searching studies from the President's economic advisers and congressional allies," Lagman said. 

"President Marcos, Jr. has suspended for further study the implementing rules and regulations (IRR) of the MIF Act according to Executive Secretary Lucas Bersamin. 

"What should be suspended by the President is the entire implementation of the law for further in-depth study for perfecting amendments, if still possible, or final repeal because current negative economic indicators do not support the enactment and implementation of the MIF," the Bicolano said. 

Lagman voted against the passage of the MIF in the House of Representatives back in December 2022.

Related Tags

Edcel Lagman Maharlika Investment Corp. (MIC)
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