MANILA — The Maharlika Investment Fund approved by the Congress would boost the national coffers and support the administration's economic goals under its Medium-Term Fiscal Framework (MTFF) and the 8-point Socioeconomic Agenda, Finance Secretary Benjamin Diokno said.
In a statement released late Wednesday, Diokno said economic managers would ensure that the country's first sovereign wealth fund would generate revenues for the government.
"The economic team is resolute in its commitment to ensure that the entity created will be able to generate returns that will redound to inclusive and sustainable economic growth,” he said.
“Congress’ timely passage of the Maharlika Investment Fund Act before the President’s second State of the Nation address speaks volumes of its commitment to see through the implementation of the administration’s goals,” he said.
The Congress approved the bill on May 31 with the House of Representatives adopting the Senate Version of measure, a few days after it was certified as urgent by President Ferdinand Marcos Jr.
Maharlika fund will be invested in a "wide range of assets" including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, joint ventures, mergers and acquisitions, real estate and high-impact infrastructure projects, among others, the Department of Finance said.
The DOF said the MIF would generate bigger returns through its investments compared to Government-Owned or Controlled Corporations (GOCCs).
The bill "explicitly prohibits" social security and public health insurance agencies from contributing in the fund, the DOF said.
Marcos earlier assured the public that the Government Service Insurance System (GSIS) and the Social Security System (SSS) would not be used to seed the Maharlika fund but they could invest if their respective board approve.