Diokno willing to be interviewed ‘for hours’ on Maharlika Fund

On the heels of a survey that found Filipinos split on the benefits of the Maharlika Investment Fund (MIF), Finance Secretary Benjamin Diokno said he is willing to sit in the hot seat to explain the proposed sovereign wealth fund to the public.

Last week, a survey by Social Weather Station (SWS) found that 51% of Filipinos expect little or no benefit from the MIF. 

The poll also revealed that 33% have little knowledge about the fund, while 47% said they had almost no knowledge or no knowledge about it at all.

In his weekly press chat, Diokno showed no surprise that respondents admitted having little to no knowledge about the MIF.

“Mabuti naman na ina-admit na di nila maintindihan. Mahirap siya intindihin. I suggest now that it's available, you read it,” the Finance chief said.

(It's good that they admit that they don't understand it. It is hard to understand.)

The Marcos administration’s chief economic manager added, “I’m willing to be interviewed in-depth… kahit ilang oras [even for hours].”

He also said that “there’s so much distrust” from the public concerning the MIF, “but we can live with it.”

Diokno had earlier expressed confidence that the MIF would be operational before the end of the year, banking on the optimism that the measure will be signed into law before President Ferdinand "Bongbong" Marcos Jr. delivers his second State of the Nation Address on July 24.

The proposed measure creating the fund is now in Malacañang and awaiting the President’s signature.

Marcos Jr. had said that he would immediately sign the MIF bill into law once it reached his office, adding that management will be the key to its success.

During the press chat, Diokno said that the bill will be signed “around a week after next [week].”

The implementing rules and regulations are also in the final stages of crafting. 

Under the bill, a government-owned company—the Maharlika Investment Corporation—will be established to manage the MIF, a pool of funds sourced from state-run financial institutions that will be invested in high-impact projects, real estate, as well as in financial instruments.

The MIF bill states that the Maharlika Fund would be created using:

• P50 billion from the Land Bank of the Philippines (LBP)
• P25 billion from the Development Bank of the Philippines (DBP)
• P50 billion from the National Government

The contribution from the national government would come from the following sources:

• Bangko Sentral ng Pilipinas' total declared dividends
• National government's share of the income of PAGCOR
• Properties, real and personal identified by the DOF-Privatization and Management Office
• Other sources such as royalties and/or special assessments

Diokno had said that the MIF would have an initial capitalization of P75 billion by the end of the year, which would come from Landbank and DBP.

Job search

As to who will be running the fund, Diokno said, “Magkakaroon kami ng job search.” 

(We will hold a job search.)

“Nasa batas ang criteria [The criteria are in the law]. We’ll follow the law. We can invite people, identify,” he said.

Senate Minority Leader Aquilino “Koko” Pimentel III, a staunch critic of the MIF, has called on Marcos to veto the measure, saying there is a high chance the bill is unconstitutional.

The draft bill passed on the Senate floor provides a 10-year prescriptive period for crimes punishable under the measure, while another section in the same bill provides for a 20-year prescriptive period. — BM, GMA Integrated News