Metro Manila (CNN Philippines, January 21) — The proposed Maharlika Investment Fund (MIF) is being crafted in a way that will suit the current conditions in the Philippines, President Ferdinand Marcos Jr. said on Friday.
Speaking to reporters on the sidelines of the World Economic Forum (WEF) in Switzerland, Marcos stressed that sovereign wealth funds across different countries are all structured differently.
“They’re different in purpose, they’re different in methodology and of course, they operate in a different context of law,” Marcos said.
“So we have to design it very specifically to the Philippine condition, and that’s what the legislators are trying to do now to make sure na babagay para sa atin (it will suit us) and it will be a good thing for us,” he added. “That’s the process that we’re undergoing now.”
Lawmakers from the House of Representatives pushed for the creation of the MIF late last year in a bid to accrue profits from government assets.
The bill has Marcos’ backing, with the president pitching it to fellow leaders during a dialogue at the WEF.
READ: The proposed Maharlika Investment Fund: What you need to know
Marcos said he received a “suggestion” from a business leader to raise money for the MIF through initial public offering (IPO).
The chief executive noted he will check if such move will be appropriate.
New version of the fund?
Marcos’ statement came after a recent revelation by Albay Rep. Joey Salceda that there will be a new, “re-engineered” version of the Maharlika fund.
In a television interview on Friday, Salceda said the revised MIF proposal will drop the dividends from the Bangko Sentral ng Pilipinas as capital source, and will likewise eye an IPO.
However, no copy of the revised bill has been made available as of publishing.
Some members of the lower chamber questioned the development — with the measure already hurdling the plenary.
