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Manila Bulletin devider Business devider MIF to help attain long-term goals—NEDA

MIF to help attain long-term goals—NEDA

Published Jul 18, 2023 07:06 am
The National Economic and Development Authority (NEDA) said the Maharlika Investment Fund (MIF) Act will help achieve the long-term development goals of the Philippines. In a statement, NEDA Secretary Arsenio M. Balisacan said the MIF will complement the country’s existing investment platforms and support the financing of the government’s flagship projects, particularly in the infrastructure sector. “The economic team has always emphasized the importance of enhancing the platforms that we have for engaging with the private sector and promoting investments in strategic areas. The MIF will help us achieve this objective,” Balisacan said. To augment the initial capitalization of P125 billion in government securities, the MIF can bring in more economic benefits if it can attract co-investments and fully pay up its authorized capital stock of P500 billion. Balisacan added that among the potential areas in which the MIF can invest are some of the 194 Infrastructure Flagship Projects of the “Build-Better-More” program. “Maharlika can invest in various areas. There are strategic areas in the energy sector that we would like MIF to invest in. There are many areas that are in great need of capital, so we will never run out of investment opportunities,” the chief economic planner said. He also added that the MIF will be a valuable alternative to debt financing when the country becomes an Upper Middle-Income Country and would no longer qualify for concessionary loans, such as Official Development Assistance (ODA). “The MIF can attract equity financing instead of debt financing, which would enable investors and the government to become partners in development,” Balisacan said. “This is also a good opportunity for us to free up other government funds that we can allocate for more social development projects. The MIF will focus on financing profitable development projects through equity,” he added. The MIF, as the Philippines’ sovereign investment fund, will serve as a vehicle to support the nation’s pursuit of rapid, inclusive, and sustainable development for the current administration and beyond.
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