Metro Manila (CNN Philippines, July 24) — President Ferdinand Marcos Jr. assured Filipinos the Maharlika Investment Fund (MIF) will be free from political influence with a transparent management.
“To ensure sound financial management, a group of internationally recognized economic managers will oversee the operations of the fund, guided by the principles of transparency and accountability,” he said in his State of the Nation Address.
“This guarantees investment decisions will be based on financial considerations alone, absent of any political influence,” he added.
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In his speech which lasted more than an hour, Marcos said the MIF could be used for certain projects.The fund shall be used to make high-impact and profitable investments, such as the Build Better More program. The gains from the fund shall be reinvested into the country’s economic well-being,” he said.
Marcos said the fund could speed up the construction of 194 flagship projects approved by the National Economic and Development Authority Board.
The president enacted the MIF bill earlier this month, despite concerns it could put the country’s economy at risk.
The new law states the initial capital will come from the investible funds of the Land Bank of the Philippines, Development Bank of the Philippines, declared dividends of the Bangko Sentral ng Pilipinas, and other sources.
Marcos has constantly assured the public that the MIF is safe and would not be used to fund the supposedly ostentatious lifestyles of public officials.
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“The funds for the social security and public health insurance of our people shall remain intact and separate,” Marcos said in his SONA.
Marcos also mentioned the ₱3.9 trillion in investment pledges that the administration has secured.
According to Trade Secretary Alfredo Pascual, six of the investment leads mentioned by Marcos are already being implemented and operational, while five are already registered.
“It indicates a long-term optimism about our country,” Pascual told CNN Philippines’ The Final Word.
Pascual added that 180,000 jobs are expected to be made from the collected investment leads.
