MANILA - The Maharlika Investment Fund will be operational before the end of the year as its implementing rules and regulations have already been laid out, Finance Secretary Benjamin Diokno said on Thursday.

In an interview with ANC’s Business Outlook, Diokno also said President Ferdinand Marcos Jr. will sign the bill soon.

“In a week or two he will sign it,” Diokno said.

Earlier this week, Senate President Miguel Zubiri said the final version of the bill has already been sent to Marcos.

Diokno said the bill is now being circulated for review by the President’s staff.

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The Fund will be focused mainly on infrastructure, according to Diokno, noting that the government already has 194 “ready-to-implement” projects.

Besides the initial funding from government banks, the Bangko Sentral ng Pilipinas and the national government, the fund will also be opened to investors, the Finance chief said.

Diokno mentioned the Cavite-Bataan bridge, which he said may also interest outside investors, as he sees the toll bridge as having a very high rate of return.

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He also said Maharlika can be funded by the privatization of government assets, with around P250 billion worth of assets ready to be sold.

University of the Philippines economists earlier published a paper titled ‘Maharlika Investment Fund: Still Beyond Repair’ which called on Marcos “to seriously reconsider” signing the MIF bill.

The economists, which included former National Economic and Development Authority (NEDA) Secretary Ernesto Pernia, said the “MIF violates fundamental principles of economics and finance and poses serious risks to the economy and the public sector — notwithstanding its proponents’ good intentions.”

Diokno however again defended the Fund and said he expects it to succeed.

“I am very optimistic,” Diokno said.

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