President Marcos’ newly appointed finance secretary, Ralph G. Recto, said he would ensure that the Maharlika Investment Fund (MIF) will “operate in fidelity with the law and fulfill its intended objectives.”

The MIF, which is the country’s first wealth fund, is managed by the Maharlika Investment Corp. (MIC) composed of nine members chaired by the finance secretary.

Sovereign wealth funds such as MIF are generally funded through a country’s surplus revenues such as natural resources, trade surpluses, or any other similar sources.

However, due to a budget deficit worth billions, the government will get its capital from state banks such as the Land Bank of the Philippines and the Development Bank of the Philippines.

Further, Recto also said he would pursue the immediate passage of the Marcos administration’s key tax reforms to Congress.

“I agree that we need funds to finance growth and our people’s growing needs, and install a system that promotes fair and fast tax administration,” he said.

“These measures will not only finance development but will reduce deficit and our dependency on debt,” he further said.

Recently, one of Marcos’ priority measures titled the Ease of Paying Taxes Act or Republic Act No. 11976 was signed into law.

Under the law, taxpayers are now allowed to electronically or manually file tax returns with the Bureau of Internal Revenue, any authorized agent bank or authorized tax software provider.

Meanwhile, bills on the excise tax on single-use plastics and value-added tax on digital goods and services are all pending at the Senate committee level.

In addition, the legislative department began deliberations on the proposed Real Property Valuation and Assessment Reform Act, one of Marcos’ priority measures.

The bill seeks the development of a just, equitable, impartial and nationally consistent real property valuation based on internationally accepted standards.