Mark Villar thanks PBBM's economic managers for backing MIF
Published Jun 17, 2023 10:58 am
UH0617D
(Unsplash)
Senator Mark Villar on Saturday, June 17, thanked the economic managers of President Ferdinand ‘’Bongbong’’ Marcos Jr. for reaffirming their support on the establishment of the Maharlika Investment Fund (MIF) as a powerful driver of economic growth. Villar, chairman of the Senate Banks Committee and defender of the MIF bill, was referring to a letter from the economic managers dated June 13, 2023 In the letter, the economic managers emphasized that the MIF was aligned with the Medium-Term Fiscal Framework (MTFF) of the administration and the Eight-Point Socio-Economic Agenda. It also operationalizes the Philippine Development Plan 2023–2028. They also mentioned that the legal framework provided by Senate Bill (SB) 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. The managers say that the objectives of the MIF are clear: to invest funds that are available in government instrumentalities and utilize them for investment purposes on the basis of their individual mandates. As stated, the MIF, along with other priority legislations, would 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, Villar pointed out. “Consistent to our explanations before, the economic managers also forecasts an estimated return of 8.6 percent on average, much higher than their cost of capital and the return in their current investment places,“ he said. The economic managers also said that SB No.2020 imposes enough safeguards to minimize risks for shareholders and fund contributors, including the public sector citing the adherence to the Santiago Principles, creation of the Risk Management Committee, having an Oversight, and enough measures on transparency and accountability. They also pointed out the absolute prohibition on the Social Security System (SSS), Government Service Insurance System (GSIS), and other pension and social funds from contributing to the 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),” Villar added.
(Unsplash)
Senator Mark Villar on Saturday, June 17, thanked the economic managers of President Ferdinand ‘’Bongbong’’ Marcos Jr. for reaffirming their support on the establishment of the Maharlika Investment Fund (MIF) as a powerful driver of economic growth. Villar, chairman of the Senate Banks Committee and defender of the MIF bill, was referring to a letter from the economic managers dated June 13, 2023 In the letter, the economic managers emphasized that the MIF was aligned with the Medium-Term Fiscal Framework (MTFF) of the administration and the Eight-Point Socio-Economic Agenda. It also operationalizes the Philippine Development Plan 2023–2028. They also mentioned that the legal framework provided by Senate Bill (SB) 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. The managers say that the objectives of the MIF are clear: to invest funds that are available in government instrumentalities and utilize them for investment purposes on the basis of their individual mandates. As stated, the MIF, along with other priority legislations, would 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, Villar pointed out. “Consistent to our explanations before, the economic managers also forecasts an estimated return of 8.6 percent on average, much higher than their cost of capital and the return in their current investment places,“ he said. The economic managers also said that SB No.2020 imposes enough safeguards to minimize risks for shareholders and fund contributors, including the public sector citing the adherence to the Santiago Principles, creation of the Risk Management Committee, having an Oversight, and enough measures on transparency and accountability. They also pointed out the absolute prohibition on the Social Security System (SSS), Government Service Insurance System (GSIS), and other pension and social funds from contributing to the 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),” Villar added.