Metro Manila (CNN Philippines, July 24) — With the Maharlika fund seen to bankroll 194 flagship projects, Finance Secretary Ben Diokno said some may go beyond the term of President Ferdinand Marcos Jr.
“Some of the projects will not be finished within the president’s term, like the subway that will be finished in 2028, 2029,” Diokno told reporters ahead of Marcos’ second State of the Nation Address (SONA) on Monday.
Diokno referred to the Metro Manila Subway that began construction last year.
The finance chief said the government will continue to generate more projects in the coming years to be financed by the Maharlika Investment Fund (MIF), recently signed into law.
Without funding from the Maharlika, Diokno explained that around 55% of the projects would be funded by official development assistance, around 10% through the national budget, and around 30% through public-private partnerships.
“With Maharlika, meron kaming [we have] additional funding. Most of the projects will be funded through Maharlika, and then we would be able to accomplish more,” he said.Patterned after the sovereign wealth funds of other countries, the MIF will be tapped for possible investments in agriculture, energy, digitalization, and the fight against climate change, among others.
Marcos earlier allayed fears that the Maharlika fund law would be vulnerable to corruption, assuring the public that its “integrity” would be intact.
