In a ceremony held today at the Kalayaan Hall in Malacañang, President Ferdinand “Bongbong” Marcos Jr. officially signed into law the Maharlika Investment Fund (MIF) bill, marking the establishment of the Philippines’ inaugural sovereign wealth fund. Attended by members from both the Senate and the House of Representatives, the signing event concluded weeks of intense debate and anticipation.
The MIF, hailed as a groundbreaking initiative, has generated mixed reactions across the nation. Critics argue that the country lacks surplus or excess funds to finance the MIF, raising concerns about its feasibility. However, proponents of the fund emphasize its potential to stimulate economic growth, attract investments, and provide long-term financial stability.
Under the newly enacted law, the Land Bank of the Philippines will contribute P50 billion to the Maharlika Investment Fund, while the Development Bank of the Philippines will allocate P25 billion. Additionally, the national government has earmarked P50 billion from the budget to further bolster the fund.
Despite its passage, the MIF has faced scrutiny from skeptics who worry about potential risks, accountability, and transparency. Detractors argue that safeguards must be in place to ensure responsible management of the fund and guard against potential misuse of public resources. Advocates, on the other hand, contend that the MIF holds significant promise for the nation’s economic development and resilience.
This legislative milestone arrives over a month after the bill’s approval by a Congress predominantly composed of President Marcos’ allies. As the administration moves forward with the implementation of the MIF, the nation will closely monitor its progress and assess its impact on the Philippine economy.
