Marcos: Maharlika fund must be designed to fit PH condition

The Maharlika Investment Fund must be designed in such a way that the proposed sovereign wealth fund would fit the country's needs, President Ferdinand R. Marcos Jr. said on Friday as he wrapped up his trip to Davos.

“You know, going on about the fund, the more we study it, the more it’s clear that... although the sovereign wealth funds around the world have the same name, they’re all very different," Marcos said in an interview with the media before flying to the Philippines.

"They’re different in purpose, they’re different in methodology and of course, they operate in a different context of law,” he added.

“So we have to design it very specifically to the Philippine condition and that’s what the legislators are trying to do now to make sure na babagay para sa atin and it will be a good thing for us," Marcos said.

"So that’s the process that we’re undergoing now," Marcos pointed out," he added.

Marcos said he received a suggestion from a business leader to raise money for the Maharlika fund through initial public offering (IPO). He said he'd see if it would be appropriate for the country.

According to thw Presidential Communications Office, the proposed sovereign wealth fund of the Marcos administration received huge interest at the 2023 annual meeting of the World Economic Forum (WEF) in Davos.

The House of Representatives has passed House Bill (HB) No. 6608Maharlika Investment Fund Act (MIF) providing for an independent fund shall be sourced from the investible funds of select government financial institutions (GFIs), from contributions of the national government, declared dividends of the Bangko Sentral ng Pilipinas (BSP), and other sources of funds.

Under the proposed measure, the fund shall be used to invest on a strategic and commercial basis in a manner designed to promote fiscal stability for economic development and strengthen the top-performing GFIs through additional investment platforms that will help attain the national government’s priority plans.

The measure is now pending in the Senate. --NB, GMA Integrated News