Maharlika investment fund bill reaches Senate with Mark Villar bill

The Maharlika Investment Fund—the proposed sovereign wealth fund of the Marcos administration—has reached the Senate.

Senator Mark Villar has filed Senate Bill No. 1670, which said the MIF would be a "powerful tool for sustaining high-impact infrastructure projects, urban and rural development, agricultural support, and other initiatives that would increase income and economic activity in the Philippines."

The Senate bill proposed a Maharlika Investment Corporation, which  would govern and manage the fund.

The House of Representatives has passed House Bill (HB) No. 6608 or the Maharlika Investment Fund Act, which seeks to provided for an independent fund which 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.

President Ferdinand "Bongbong" Marcos Jr. has said the MIF should be designed in such a way that the proposed sovereign wealth fund would fit the country's needs.

According to the 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 in Davos. —NB, GMA Integrated News