Marcos says he had no role in Maharlika fund bill revision

President Ferdinand Marcos Jr. has clarified that he had no hand in the revision of the House of Representatives-approved Maharlika Investment Fund (MIF) bill.

On Friday, Albay Representative Joey Salceda, who chairs the chamber’s ways and means panel, disclosed that the MIF bill underwent revision during the Christmas break.

In particular, dividends from government-owned and controlled corporations (GOCCs) will initially support the MIF, removing dividends from the Bangko Sentral ng Pilipinas and state-run banks from the pool of fund sources.

Salceda said the latest revisions were done "because we want [the MIF] to succeed, and this is the one actually sold by the President in Davos."

Marcos was in Davos, Switzerland, this week to attend the World Economic Forum (WEF).

Asked by reporters on Friday if the revised MIF bill was already approved by him, Marcos said, "I’m not sure. What did I approve?"

The President went on to say that the proposed bill is "in the process of legislation."

"Wala akong role muna (I have no role in the meantime)," Marcos said.

In his interview on ANC, Salceda said he and "three others" were commissioned to rewrite the MIF bill, adding that the proposed sovereign wealth fund will be "securitized" in 20 years and will be available to the investing public through an initial public offering (IPO).

Marcos said he received a suggestion from a business leader to raise money for the Maharlika fund through an IPO. The President said he would see if it would be appropriate for the country.

The bill on the proposed Maharlika Investment Fund was approved on the third and final reading by the House of Representatives on December 15. It was transmitted to the Senate on December 19.

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 government financial institutions through additional investment platforms that will help attain the national government’s priority plans.

At a breakfast meeting with chief executive officers on the sidelines of the WEF earlier this week, Marcos said the proposed sovereign fund is expected to support infrastructure projects in energy, agriculture, and digitalization. —VBL, GMA Integrated News