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Manila Bulletin devider Philippines devider National devider PBBM should showcase Maharlika fund in SONA, says House leader

PBBM should showcase Maharlika fund in SONA, says House leader

Published Jun 13, 2023 12:53 am
House of Representatives (Ellson Quismorio/ MANILA BULLETIN)



Should President Ferdinand "Bongbong" Marcos Jr. use his State of the Nation Address (SONA) this coming July 24 to showcase the P500-billion Maharlika Investment Fund (MIF)? Albay 2nd district Rep. Joey Salceda, one of the original backers of the proposed Philippine sovereign wealth fund, says yes. According to the Bicolano, President Marcos should include key priority investments of the MIF in his annual speech, which will be delivered during a joint session of the House of Representatives and Senate. “The inclusion of MIF priorities in the SONA will provide concrete policy direction for the Fund. The managers will know which way the ship should sail," said Salceda, chairman of the House Committee on Ways and Means. The expectation is that Marcos will have already signed the proposed MIF into law by the day of the SONA, which will take place in the House members' turf in Batasan Complex, Quezon City. “It’s also an opportunity to concretize what the President envisions for the fund," Salceda said. "The whole diplomatic corps will be watching the SONA. And, as I can attest to when we were doing discussions on the bill, several countries and their partner banks are interested in this fund. The President’s words on Maharlika will matter,” Salceda explained. 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. "The Maharlika listing has been praised by experts and opinion leaders as a good way to raise money, increase transparency, and encourage good corporate governance," Salceda said. The contentious measure was first filed and discussed in the House last year. The 300-strong chamber passed the MIF Bill in December 2022. The Senate, on the other hand, only passed its version of the measure late last month just before the conclusion of the first regular session. Ultimately, the House chose to adopt the Senate-approved MIF as one big amendment to its own version. The July 24 SONA will be Marcos' second.

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State of the Nation Address Ferdinand Bongbong Marcos Jr. Maharlika Investment fund joey salceda
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