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Manila Bulletin devider Philippines devider National devider 'Prudent' of PBBM to shield MIF from politics--Romualdez

'Prudent' of PBBM to shield MIF from politics--Romualdez

Published Jul 19, 2023 05:49 am
House Speaker Martin Romualdez (left) and President Ferdinand "Bongbong" Marcos Jr. (Speaker's office)





House Speaker Martin Romualdez has described President Ferdinand "Bongbong" Marcos Jr.’s decision to insulate the Maharlika Investment Fund (MIF) from possible political influence as a "prudent move". Romualdez was among the high-ranking lawmakers who witnessed Marcos' singing of the MIF Law, also known Republic Act (RA) No.11954, on Tuesday morning, July 18, in Malacañang. On Tuesday, the President bared that he had rejected proposals for him or the Department of Finance (DOF) secretary to chair the Maharlika Investment Corporation (MIC), saying that it must be run by competent and independent financial managers to insulate the MIF from political interference. “President Marcos’ demand for MIF investment decisions and management to be predicated solely on sound financial and business practices manifests his resolve to ensure the fund is adequately safeguarded and would grow to achieve its purpose,” said Romualdez, one of the principal authors of the House version of the MIF. “It is a prudent move on the part of the President that would bolster its potential to achieve its purpose of mobilizing additional funds without the need for additional borrowings or taxes to accelerate the implementation of flagship infrastructure projects meant to sustain the country’s robust growth,” he added. RA No.11954 says that the nine-member MIC will govern the MIF. It will be chaired by the independent director. Under the set-up, the DOF secretary is merely the ex-officio chairperson and will not run the MIF. “With competent managers of proven track record and unquestioned integrity running the MIF, I am confident that it would eventually provide significant contributions to widen our fiscal space and finance projects that would create jobs and uplift the lives of our people,” Romualdez said. Following the signing of the MIF, Malacañang said the stage is now set for the preparation of the implementing rules and regulations (IRR) for the creation of the MIC, which will be the sole vehicle for mobilizing and utilizing the MIF for investments. As envisioned in the law, the MIF will be invested in a wide range of assets, including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, joint ventures, mergers and acquisitions, real estate and high-impact infrastructure projects, and projects related to sustainable development.

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Maharlika Investment fund Maharlika Investment corporation Martin Romualdez
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