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Manila Bulletin devider Philippines devider National devider Explore MIF opportunity, Romualdez asks capital market community

Explore MIF opportunity, Romualdez asks capital market community

Published Oct 4, 2023 11:16 am

At A Glance

  • House Speaker Martin Romualdez on Wednesday, Oct. 4 called on members of the Capital Market Community to consider the promising prospects of the Maharlika Investment Fund (MIF). 

IMG-7e27439343b83e57e9ce3488472afddd-V.jpgFrom left to right: PSE President and CEO Ramon Monzon, Speaker Martin Romualdez, and Albay 2nd district Rep. Joey Salceda (Speaker’s office)

House Speaker Martin Romualdez on Wednesday, Oct. 4 called on members of the capital market community to consider the promising prospects of the Maharlika Investment Fund (MIF).

Romualdez did so in his message during the Forum on Legislative Reforms in the Philippine Capital Market at the Philippine Stock Exchange (PSE) in Bonifacio Global City, Taguig City.

“I encourage our revered guests and esteemed partners to explore this investment opportunity, a venture that signifies shared growth and mutual advancement, propelling our nation towards an era of unparalleled economic renaissance,” said the leader of the 300-plus strong House of Representatives.

Embodied in Republic Act (RA) No.11954, the MIF is the country’s first ever sovereign wealth fund.

Described 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 and abroad. The profits from these investments will be used to bankroll big ticket projects.

The MIF is expected to be up and running by 2024.

Romualdez also highlighted the progress made in introducing financial and tax reforms, which has further bolstered the country’s attractiveness to foreign investors.

“While factors such as the global economic slowdown and external environments have posed challenges, the resilience and adaptability of our economy persist. For context, our growth this year is anticipated to surpass that of nations like Indonesia, Vietnam, and Malaysia,” said the Leyte 1st district representative.

“The World Bank has recently projected the Philippines to be the fastest-growing economy in Southeast Asia this year,” Romualdez pointed out, adding that by 2025 the World Bank (WB) forecasts the country’s gross domestic product (GDP) growth to average 5.7 percent, buttressed by domestic demand and declining inflation.

“This speaks volumes about the latent potential within our economy and capital markets as we endeavor to achieve our ambitious target growth rate of 6 to 7 percent,” he added.

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