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| The Maharlika Investment Fund Act will be fully operational by the end of 2023, providing funding for major government projects through its establishment. Photo: RTVM/Facebook |
PHILIPPINES – This morning, July 18, 2023, President Ferdinand Marcos Jr. signed Republic Act 11954, also known as the Maharlika Investment Fund Act, which is a significant development for the Philippine economy.
The act paves the way for establishing the Maharlika Investment Fund, which will generate revenue to support expansive government initiatives.
According to Malacañang, there are several necessary steps before the implementation of the passed legislation. Firstly, the crafting of Implementing Rules and Regulations is underway. The first step is the formulation of comprehensive Implementing Rules and Regulations, which will lay down the guidelines for the effective execution of the law.
The second step involves ensuring that the appointed members of the board of directors possess a commendable track record and proven integrity, guaranteeing the responsible and transparent management of the Maharlika Investment Fund.
Additionally, the swift development of investment and risk strategies is deemed necessary to ensure the efficient allocation and utilization of funds under the Maharlika Investment Fund Act.
Lastly, the Palace emphasizes the importance of launching local and international investment marketing strategies to introduce the Maharlika Investment Fund to potential investors and generate interest in the initiative.
House Speaker Ferdinand Martin Romualdez believes that the Maharlika Investment Fund (MIF) Act will contribute to expanding our funding sources for infrastructure projects without the need for tax hikes or additional borrowing. Romualdez explains that having an alternative source of funds means more resources can be allocated to social services, such as education and healthcare.
Romualdez highlights the timeliness of enacting the MIF, noting that although the Philippines offers numerous investment opportunities amidst a growing economy, the national debt continues to rise. With the establishment of the Maharlika Investment Corporation (MIC), Romualdez envisions a solid foundation for future investments that will benefit the next generation.
Above all, Romualdez emphasizes that the investments generated through the MIF will undoubtedly yield more development projects, jobs, and livelihood opportunities across the country, benefiting the Filipino people. The MIF holds the potential to transform the economic landscape and improve the lives of many. —iTacloban