It seems there’s no stopping the Maharlika Investment Fund (MIF) bill from becoming law as the President has stated that he will “sign it as soon as (he) gets it.” It’s not surprising considering that he himself has certified the MIF bill as urgent.
It can be recalled that the President reassured the nation that the fund will be “independent,” “well-managed,” “overseen by finance professionals,” etc. He also emphasized that the fund “will not be linked to politics.”
With the President’s endorsement, leaders in both the Senate and Congress have signed the bill. Speaker Martin Romualdez’s office has confirmed this development, noting that the signed bill has been transmitted to the Senate. On the other hand, Senate President Juan Miguel Zubiri signed the MIF bill on June 21, 2023.
Zubiri has stated that once the measure is signed into law, the implementing rules and regulations will be prepared by the national government's economic managers and a council. This council will recommend to the President the individuals who will manage the MIF.
The Senate President reiterated that the MIF bill “was not rushed or tampered by the Senate,” assuring that the provision regarding a 10-year prescription of crimes and offenses “was properly discussed in the plenary and can be found in the transcript of records.”
The MIF bill, as explained by our economic managers, establishes a “sovereign wealth fund that will be used to invest in a wide range of assets, including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, commercial real estate and infrastructure projects to help promote economic development.”
The bill “seeks the establishment of the Maharlika Investment Corporation (MIC), which will act as the sole vehicle for the purpose of mobilizing and utilizing the MIF for investments in transactions in order to generate optimal returns on investments.”
To allay public concerns, it is important to note that the MIF will “not touch the funds of the Social Security System (SSS), Government Service Insurance System (GSIS), Philippine Health Insurance Corporation (PhilHealth), or Home Development Mutual Fund (HDMF).”
Amidst the seemingly unstoppable momentum surrounding the MIF bill, a recent survey released by the Social Weather Stations (SWS) revealed that a majority of adult Filipinos “expect little or no benefit” from the MIF, while a substantial number “have almost none to no knowledge at all” about the fund.
These numbers are alarming, considering that the MIF is a major program of the administration aimed at propelling the country toward “upper-middle income status by 2025.”
The underlying premise behind the MIF is to optimize national funds by generating returns to support the administration's economic goals. However, how can the fund truly benefit those in need when they are not even aware of its existence?
While ignorance cannot be an excuse, it is imperative for the government to recognize the pressing need for more information. If the government truly believes in the benefits of the fund, it should launch an all-out info campaign, utilizing all media outlets and online platforms to disseminate knowledge about the MIF’s benefits. Similar efforts were done before, such as during election campaigns, which have proven effective in reaching a broad audience, particularly the masses.
It is not too late to undertake these massive information initiatives. The proponents must remember that the success of the MIF does not solely rely on the support of the majority of legislators and Cabinet members; it ultimately needs the support of the majority of the Filipino people.