Iloilo City Mayor Jerry Treñas is positive that the Maharlika Investment Fund (MIF) will boost the country’s economic growth.
President Bongbong Marcos signed a measure creating the Philippines’ first sovereign wealth fund into law during a ceremony in Malacañang last week.
The enactment of MIF, according to Treñas, is a big help in accelerating the implementation of the national government’s key infrastructure projects.
The mayor believes that MIF has enough safeguards to protect it from possible abuse and loss of capital.
Under the law, the initial capital will come from the investible funds of the Land Bank of the Philippines, the Development Bank of the Philippines, declared dividends of the Bangko Sentral ng Pilipinas, and other sources.
Government agencies and government-owned and controlled corporations (GOCCs) that provide for social security and public health insurance are prohibited to contribute to and invest in MIF.
These include the Social Security System, Government Service Insurance System, Philippine Health Insurance Corporation, Home Development Mutual Fund, Overseas Workers Welfare Administration, and Philippine Veterans Affairs Office pension fund.IMT
