Metro Manila (CNN Philippines, July 25) — The controversial Maharlika fund is expected to begin operation by “early next year,” Finance Secretary Benjamin Diokno said Tuesday.
As work on the implementing rules and regulations immediately started after the bill hurdled Congress, Diokno said they would be ready for release within August.
“We expect this to be organized, appoint the right people by September. We expect it to be off and running by early next year,” he said at the post-SONA briefing.
This came less than two weeks after President Ferdinand Marcos Jr. signed the measure into law despite concerns raised by several groups and even economists.
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Diokno, however, reiterated that the Maharlika fund would provide the needed support to pursue the government’s target to build more infrastructure projects.
“We need these projects done as soon as possible, so the Maharlika fund will be an additional avenue for funding these 194 projects and counting because we continue to build for the next 20 years,” he said.
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“It’s no longer borrowing, would have less stress on the budget,” Diokno added.
