Metro Manila (CNN Philippines, October 19) — President Ferdinand Marcos Jr. on Thursday said he was “a bit alarmed” by news reports that the Maharlika Investment Fund (MIF) was halted, saying the country’s first sovereign wealth fund would still be up and running by the end of 2023.
“Quite the contrary,” Marcos said as he addressed reports that the MIF was put on hold.
Officials privy to the matter confirmed that the president issued a memorandum directing the Treasurer to suspend the MIF’s implementing rules and regulations.
READ: Marcos suspends Maharlika fund implementing rules pending further review
However, Marcos said people should “not misinterpret” the suspension as “somehow a judgment on the rightness or wrongness of the Maharlika fund.”
He said the move was only meant to “[find] ways to make it as close to perfect and ideal as possible,” specifically in the organizational structure of the MIF.
“The organization of the Maharlika fund proceeds apace… The concept of the Maharlika fund remains a good one and we are still committed to having it operational before the end of the year,” the president added.
Marcos also said this was in consultation with economic managers and personalities who would be involved in the fund.
“Their inputs have been very important and we are going to utilize them to make it a better organization,” he said.
