With his signing of Republic Act 11954 or the Maharlika Investment Fund (MIF) Act on Tuesday, President Ferdinand R. Marcos Jr. said the government can now generate additional revenue. Know more:
President Ferdinand R. Marcos Jr., flanked by leaders of the Senate and the House of Representatives and Cabinet members, signs the controversial Maharlika Investment Fund Act aimed at attracting more investors to the country. The signing ceremony took place at the Kalayaan Hall in Malacañang despite warnings of possible misappropriation of government funds and legal challenges.
It will have a P75-billion paid-up capital this year, to be sourced from state-run Land Bank of the Philippines and the Development Bank of the Philippines .Marcos said the fund will help the government reach its target of attaining gross domestic product growth of 6 to 8 percent by helping in the financing of the government’s 194 flagship infrastructure projects with an estimated cost of P8 trillion.
In an ambush interview when he graced the launch of the food stamps program later, the President stressed, “no political considerations should be part of it,” and all decisions made by the Fund officers will be based solely on “what’s good for the Fund.”The members of the board include the Secretary of Finance, the president and CEO of LBP, president and CEO of DBP, two regular directors, and three independent directors from the private sector.
The MIF, he said, will also undergo multiple audits from internal and external auditors, the Commission and Audit and an oversight committee from Congress to ensure its proper and transparent utilization.
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