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Did Marcos' trips abroad result in Maharlika investments? 'Wala pa,' MIC chief says


Maharlika Investment Corporation president Rafael Consing Jr.

No foreign firm has invested yet in the Philippines' sovereign wealth fund, Maharlika Investment Corporation president Rafael Consing Jr. said Tuesday.

''Wala pa (None yet). We haven't opened ourselves up... So we want to build our credibility first and then we will open up,'' Consing said when asked if President Ferdinand ''Bongbong'' Marcos Jr.'s foreign trips have resulted in investments with Maharlika.

Consing, however, expressed hope that by the end of the year, the MIC will acquire a number of foreign investments. He added that the MIC is expecting ''three to four material ones,'' without making any elaboration on which sector.

Marcos has since said that the Philippines' sovereign wealth Maharlika Investment Fund is meant to draw capital financing from overseas to boost economic growth.

In his trips abroad, Marcos has been highlighting the sovereign wealth fund, showing his administration's dedication to get sufficient funds for priority programs.

Marcos signed into law Republic Act No. 11954 or the Maharlika Investment Fund Act of 2023, with the aim to tap state assets for investment ventures to generate additional public funds.

The law creates the Maharlika Investment Corp. (MIC), a government-owned company that will manage the MIF—a pool of funds initially sourced from state-run financial institutions that will be invested in high-impact projects, real estate, as well as in financial instruments.

Under the law, the MIC has an authorized capital stock of P500 billion, P375 billion of which shall have corresponding common shares available for subscription by the national government, its agencies or instrumentalities, government-owned and controlled corporations or GFIs, and government financial institutions. —KG, GMA Integrated News

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