House Speaker Martin Romualdez is confident that the newly-enacted Maharlika Investment Fund (MIF) Law or the Philippine sovereign wealth fund would continue to gain the interest of investors.
The MIF, designated as Republic Act (RA) No.11954, was signed into law by President Ferdinand "Bongbong" Marcos Jr. on July 18,, 2023.
Romualdez confident MIF will gain more interest from investors
Jul 18, 2023 04:45 AM
At a glance
House Speaker Martin Romualdez (Speaker’s office)
House Speaker Martin Romualdez has expressed confidence that the newly-enacted Maharlika Investment Fund (MIF) would continue to stir up interest from investors.
Romualdez was among the high-ranking lawmakers who witnessed President Ferdinand "Bongbong" Marcos Jr.'s singing of the MIF Law, also known Republic Act (RA) No.11954, on Tuesday morning, July 18, in Malacañang.
The MIF will essentially act as the Philippines' own sovereign wealth fund. Its proponents have pointed out that a lot of other countries, even those in Asia, have sovereign wealth funds.
"It is an ideal vehicle that is well-positioned to bring in investments as the Philippine economic outlook remains robust amid the global economic slowdown,” said Romualdez, Leyte's 1st district representative and Marcos' top ally in the legislature.
International investors have already expressed interest in investing in the MIF, Romualdez noted. These include the Japan Bank for International Cooperation (JBIC) and several United States (US) companies.
“Certainly, there will be more interest once the MIF is officially launched. These investments mean more development projects in various parts of the country, more jobs and livelihood for the Filipinos, and a better future for generations to come,” he underscored.
The House leader described the MIF as "an investment for the future that we need to start building now".
Romualdez leads the 300-strong House of Representatives, which gave final approval to its version of the MIF back on Dec. 15, 2022. The actual deliberation of the MIF measure in the lower chamber lasted only 18 days.
"The MIF is expected to widen the fiscal space in the near- to medium-term as it reduces heavy reliance on local funds and development assistance as the main financing mechanisms for infrastructure projects,” he said.
“It is envisioned to enable the government to execute and sustain high-impact and long-term economic development programs and projects without imposing new or higher taxes,” Romualdez added.