Manila Bulletin
Philippines
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Mark Villar thanks PBBM's eco managers for supporting proposed MIF bill
Philippines
National
Mark Villar thanks PBBM's eco managers for supporting proposed MIF bill
Mark Villar thanks PBBM's eco managers for supporting proposed MIF bill
Published Jun 16, 2023 07:13 am
Senator Mark Villar has thanked President Ferdinand “Bongbong” Marcos Jr.’s economic managers for supporting the establishment of the proposed Maharlika Investment Fund (MIF) Act.
Sen. Mark Villar (Senate PRIB Photo)
Villar made the remark after state economic managers released a statement reaffirming their support on the MIF bill as a powerful vehicle driving the country’s economic growth, and is aligned with the Medium-Term Fiscal Framework (MTFF) and the 8-point socio-eeconomic agenda. “We welcome the statement made by PBBM’s economic managers. It goes to show that we really need the MIF now,” Villar said in a statement. Marcos’ economic managers had also mentioned that the legal framework provided by Senate Bill No. 2020 follows fundamental principles of economic policy and financial market participation in favor of and for the ultimate benefit of the Philippine economy and the Filipino people. “Ultimately, we are pushing for the creation of the MIF because it will benefit the Filipino people in many ways. It will generate investment, boost our economy and create jobs.” Villar said. Villar echoed the government economic managers observation that the objectives of the MIF are clear and that is to invest funds that are available in government instrumentalities and utilize them for investment purposes on the basis of their individual mandates. The senator insisted that the MIF along with other priority legislation “will allow our nation to move away from reliance on foreign and domestic loans to fund our annual budgetary requirements and will move us closer to self-sustainability in sourcing financial requirements.” “Consistent to our explanations before, the economic managers also forecasts an estimated return of 8.6% on average, much higher than their cost of capital and the return in their current investment places,” Villar said. Even economic managers, he said, has stressed the absolute prohibition of Social Security System (SSS), the Government Service Insurance System (GSIS), and other pension and social funds from contributing and investing to the MIC and MIF. “We thank the economic team for the statement of support and we look forward to the passage of the MIF. Para po ito sa buong Pilipinas (This is for the whole country),” the senator added.
Sen. Mark Villar (Senate PRIB Photo)
Villar made the remark after state economic managers released a statement reaffirming their support on the MIF bill as a powerful vehicle driving the country’s economic growth, and is aligned with the Medium-Term Fiscal Framework (MTFF) and the 8-point socio-eeconomic agenda. “We welcome the statement made by PBBM’s economic managers. It goes to show that we really need the MIF now,” Villar said in a statement. Marcos’ economic managers had also mentioned that the legal framework provided by Senate Bill No. 2020 follows fundamental principles of economic policy and financial market participation in favor of and for the ultimate benefit of the Philippine economy and the Filipino people. “Ultimately, we are pushing for the creation of the MIF because it will benefit the Filipino people in many ways. It will generate investment, boost our economy and create jobs.” Villar said. Villar echoed the government economic managers observation that the objectives of the MIF are clear and that is to invest funds that are available in government instrumentalities and utilize them for investment purposes on the basis of their individual mandates. The senator insisted that the MIF along with other priority legislation “will allow our nation to move away from reliance on foreign and domestic loans to fund our annual budgetary requirements and will move us closer to self-sustainability in sourcing financial requirements.” “Consistent to our explanations before, the economic managers also forecasts an estimated return of 8.6% on average, much higher than their cost of capital and the return in their current investment places,” Villar said. Even economic managers, he said, has stressed the absolute prohibition of Social Security System (SSS), the Government Service Insurance System (GSIS), and other pension and social funds from contributing and investing to the MIC and MIF. “We thank the economic team for the statement of support and we look forward to the passage of the MIF. Para po ito sa buong Pilipinas (This is for the whole country),” the senator added.