Maharlika Investment Fund won't be used to buy luxurious items —Marcos

President Ferdinand "Bongbong" Marcos Jr. on Tuesday guaranteed the public that the Maharlika Investment Fund (MIF) would not be utilized in purchasing luxurious items.

Marcos recalled that he had heard of the objections to the newly-signed law and said some of them were 'laughable'.

"I note that some of the objections very early on, I would hear some people commenting, hindi ba pag may pera tayong ganyan, may pondo tayong ganyan, dapat ilagay 'yan sa agricultural, ilagay 'yan sa infrastructure, dapat ilagay 'yan sa energy development (if we have funds like that, we have funds like that we must put it in agriculture, infrastructure, and energy development)," Marcos said.

"Eh nanonood ako ng television sabi ko, siyempre kinakausap ko ang TV, saan niyo kaya iniisip na ilalagay 'yan, bibili kami ng magagarang kotse? bibili kami ng malaking yate? that’s... it makes me laugh because that is so far from the truth," he added.

(I'm watching the television and I said...  Do you think we will use that to purchase luxury cars or yachts?)

Marcos Jr. earlier signed into law the MIF which will tap state assets for investment ventures to generate additional public funds.

Republic Act No. 11954 was signed despite apprehensions and concerns on the measure, with some lawmakers pointing out the MIF bill's glaring errors and discrepancies as well as its ambiguous provisions.

The President already allayed fears on the use of MIF, saying that this will be independent from the government and that it should not be linked to politics.

"Through the fund we will leverage on a small fraction of the considerable but underutilized investable funds of the government and stimulate the economy without the disadvantage of adding additional fiscal and debt burden," said Marcos during the signing of the MIF.

"Let us make sure that these are professionals. Let us make sure that the decisions that are being made for the fund are not political decisions that they are financial decisions because that is what the fund is," added Marcos.

Marcos' economic managers had said the MIF could serve as an alternative financing option for the government should the Philippines become an upper middle-income state.

Malacañang has yet to release the copy of the newly-signed law but in the information released by the Presidential Communications Office, a Maharlika Investment Corporation (MIC) will be established, which will act as the sole vehicle for the utilization of the MIF.

The MIC will have an authorized capital stock of P500 billion, the 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.

The remaining P125 billion in capital shall have corresponding preferred shares available for subscription by the national government, its agencies or instrumentalities, GOCCs or GFIs, and reputable financial institutions and corporations.

A survey by the Social Weather Stations (SWS) in March this year found that 51% of Filipinos expect little or no benefit from the MIF. —VAL, GMA Integrated News