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Manila Bulletin devider Business devider IMF 'praised' establishment of Maharlika fund —Diokno

IMF 'praised' establishment of Maharlika fund —Diokno

Published Oct 9, 2023 07:36 am

At A Glance

  • The Department of Finance (DOF) said the International Monetary Fund (IMF) has "praised" the newly-established Maharlika Investment Corp. (MIC)<br>Finance Secretary Benjamin Diokno said the IMF recognizes the potential of the MIC to support the government's infrastructure initiatives.<br>Diokno stated that the IMF recognized the MIC's potential contribution in bridging the infrastructure gaps in the country and promoting green energy investments.<br>The IMF Mission Team was in Manila for the annual assessment of the Philippine Economy last week.

The Department of Finance (DOF) said the International Monetary Fund (IMF) has commended the government's newly-formed Maharlika Investment Corp. (MIC), recognizing its contribution to the country's infrastructure initiatives.

Finance Secretary Benjamin E. Diokno said the IMF has acknowledged the potential of the MIC, which will oversee the country’s first sovereign wealth fund, in addressing infrastructure gaps and promoting investments in green energy in the country.

According to Diokno, the IMF expressed "praise" for the MIC and the fiscal reforms of the Marcos administration during the recent Article IV Mission of the Washington-based institution last week.

The IMF cited MIC for “its potential to contribute to addressing infrastructure gaps and help in promoting green investments through the adoption of best practices in strategic investment management and accountability frameworks,” Diokno said.

The MIC is seen to accelerate the completion of the government's priority projects by opening new funding sources, Diokno said.

President Marcos signed the Maharlika Investment Fund Act of 2023 into law last July, creating the country's first sovereign investment fund called the MIC.

Diokno stated that the MIC will serve as a platform for local and foreign investors to make direct equity investments in Philippine ventures and projects.

In particular, the finance chief said the MIC will specifically target high-yielding infrastructure projects and provide funding support for the government’s 194 priority projects costing P8 trillion.

The MIC is expected to become fully operational by the end of this year, with its investment activities slated to commence in the first quarter of 2024.

To kickstart its operations, the MIC has already secured the initial capitalization. 

The Land Bank of the Philippines and the Development Bank of the Philippines have transferred their mandatory contributions of P50 billion and P25 billion, respectively, to the Bureau of the Treasury's (BTr) account. 

Furthermore, the Bangko Sentral ng Pilipinas, as one of the government's contributors, has remitted P31.859 billion towards the MIC's initial capital.

Last Oct, 3, the Advisory Body of the MIC, consisting of the heads of the Department of Budget and Management, the National Economic and Development Authority, and the Bureau of the Treasury, submitted the final list of nominees for the Board of Directors to President Marcos.

Related Tags

Maharlika Investment Corp. (MIC) International Monetary Fund Finance Secretary Benjamin E. Diokno
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