Finance Secretary Benjamin Diokno, the administration's chief economic manager, is asking President Ferdinand Marcos Jr. to certify as urgent the bill creating the country’s own sovereign wealth fund called Maharlika Investment Fund (MIF).
“This is to respectfully request His Excellency to certify as urgent House Bill No. 6608, establishing the Maharlika Investment Fund , filed as Committee Report No. 237 by the Committees on Bank and Financial Intermediaries, Appropriations, and Way and Means,” Diokno said in a letter to the President dated December 13, 2022.
With the seed funding, the proposed measure seeks to allow the government to invest surplus reserves in real estate and financial assets for more gains. “The MIF and the MIC comply with the ‘Santiago’ Principles, which pertain to the set of Generally Accepted Principles and Practices voluntarily endorsed by the International Forum of SWF members,” he said.Diokno also said the fund “will be subject to strict investment and risk management guidelines, and is authorized to invest only in financial instruments and development projects approved by its board of directors.
The MIC will also have an advisory board composed of the secretaries of the DOF, Department of Budget and Management, director general of NEDA, and the national treasurer. MIC is also tasked to contribute to government’s social welfare projects, as the company requires by law to remit 20 percent of its net profits to fill state coffers, the Finance chief said.
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