(MANILA BULLETIN)


Economist-solon Albay 2nd district Rep. Joey Salceda has expressed confidence that the proposed Maharlika Investment Fund (MIF), once enacted, would give the Philippine stock market a shot in the arm. “The government also wants to have the MIF listed in the stock market, as a market development measure," said Salceda, who late last year chaired the technical working group (TWG) that drafted the House version of the MIF charter. Salceda told the IMF-World Bank team that the MIF “could help solve liquidity problems on the equities side of Philippine capital markets". "There are only 286 listed companies in the Philippine Stock Exchange and MIF would immediately cause waves once listed," reckoned the House Committee on Ways and Means chairman. “It’s a good investment option for the capital markets because it would expose them to a diverse and potentially high-yielding portfolio. It’s like investing in Philippine growth, which has plenty of runway," Salceda. "Plus, it has environmental and social governance (ESG) structures embedded in its charter. So, on ESG ratings, it should do well," the Bicolano said. He further said that the listing would benefit the MIf itself, “because it will subject the fund to greater public scrutiny, which encourages accountability". “I discussed listing with the Bureau of Treasury, and it’s a goalpost, down the line,” Salceda concluded. It was reported Wednesday, June 21 that the enrolled bill of the MIF had been signed by the House of Representatives and Senate--the final step before it reaches Malacañang for the President’s signature.