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MIF a 'very good bill', says Arroyo

Philippines | National

MIF a 'very good bill', says Arroyo

By Ellson Quismorio

House Deputy Speaker and Pampanga 2nd district Rep. Gloria Macapaga-Arroyo

Republic Act (RA) No.11954 or the newly-signed Maharlika Investment Fund (MIF) is a "very good bill", says House Deputy Speaker and Pampanga 2nd district Rep. Gloria Macapaga-Arroyo. In a short video message posted on her Facebook Tuesday afternoon, July 18, the former president described the enactment of the MIF as a "very big milestone" the Philippine economy. "It’s a very big milestone for our economy. Finally the bill was able to find a form...the President is willing to sign," she said, referring to President Ferdinand "Bongbong" Marcos Jr. The MIF will essentially serve as the Philippines' sovereign wealth fund. It is also the most controversial measure enacted so far under the Marcos administration. "There are many, many sovereign funds in the world and that’s what the President said," noted Arroyo, 74, a holder of a Bachelor of Arts degree in Economics and a magna culture laude from Assumption College San Lorenzo. "They looked at the different models, they looked [at] achievements, they looked at the mistakes," she said. "So this is a very good bill and now, like all sovereign funds, the key will be in the management and implementation," Arroyo added. 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. One of the most common criticisms on the MIF has been its timing: Can the Philippines afford to put up the capital needed for the fund despite its P13.91-trillion outstanding debt? The MIF will be handled by the Maharlika Investment Corporation (MIC).

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Gloria Macapagal Arroyo Maharlika Investment fund

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