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Manila Bulletin devider Business devider Diokno: Investment safety 'top priority' in Maharlika

Diokno: Investment safety 'top priority' in Maharlika

Published Oct 20, 2023 06:17 am

At A Glance

  • Finance Secretary Benjamin Diokno told Saudi investors that investing in Maharlika Investment Fund (MIF) is safe and secure, despite ongoing controversies.<br>Diokno said the fund operates in accordance with the 24 Generally Accepted Principles and Practices for sovereign wealth funds, commonly known as the "Santiago Principles."<br>The suspension of the implementation of the MIF's rules and regulations has sparked uncertainty about its future, leading to calls for the government to abandon the law altogether.<br>Diokno said the financial reporting of the MIF will comply with relevant international financial reporting standards, and it will undergo three layers of auditing: internal, external (by a third-party auditor), and by an independent supreme audit agency.

President Marcos’ chief economic manager has assured Saudi business leaders that the Maharlika Investment Fund (MIF) is a safe investment, despite the controversies surrounding it.

During a roundtable meeting with potential investors in Riyadh, Saudi Arabia, Finance Secretary Benjamin E. Diokno said that safeguarding the MIF and its investments is a top priority of the Marcos administration.

“The MIF is founded on the Santiago Principles reflecting appropriate governance and accountability mechanisms and the conduct of sound and prudent investment practices by sovereign wealth funds,” Diokno said.

The Santiago Principles, which comprise the 24 Generally Accepted Principles and Practices for sovereign wealth funds, serve as the foundation of the International Forum of Sovereign Wealth Funds (IFSWF).

These principles aim to foster good governance, accountability, transparency, and prudent investment practices within sovereign wealth funds. Additionally, they encourage open dialogue and a deeper understanding of the activities undertaken by such funds.

However, Diokno’s reassurance in Riyadh came after a memorandum was issued by Executive Secretary Lucas Bersamin last Oct. 12.

The memorandum directed the Bureau of the Treasury, Land Bank of the Philippines, and Development Bank of the Philippines to suspend the implementation of the implementing rules and regulations (IRR) of the MIF Act, “pending further study.”

Diokno said late Thursday, Oct. 19, that the Department of Finance (DOF) was working closely with the Office of the President in further improving the MIF’s IRR.

However, the Malacañang’s suspension has generated uncertainty about the future of the MIF, causing some groups to urge the government to abandon the plan altogether.

Before departing for Saudi Arabia on Thursday morning, President Marcos clarified that the implementation of the MIF would continue as planned this year. 

Diokno stated that the financial reporting of the MIF will adhere to relevant international financial reporting standards and principles.

Diokno also said that the auditing process will involve three layers of scrutiny as required by law: an internal auditor, an external auditor from a third-party, and an independent supreme audit agency that operates separately from the government.

“We look forward to your partnership and investment as we proceed with the full operationalization of the Fund by the end of 2023,” Diokno said.

Investments in Maharlika aim to accelerate the implementation of the Marcos administration's 197 infrastructure flagship projects, valued at around $153 billion.

These projects focus on upgrading physical and digital connectivity, transportation, agriculture, healthcare, energy, water, and climate resilience.

The physical connectivity sector comprises 121 projects worth about $122 billion, while the water sector includes 44 projects valued at approximately $15 billion.

Related Tags

Maharlika Investment Fund (MIF) Finance Secretary Benjamin E. Diokno
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