DOF's Diokno asks Marcos to certify Maharlika fund bill as urgent


Posted at Dec 15 2022 01:04 PM | Updated as of Dec 15 2022 02:10 PM

MANILA - Finance Secretary Benjamin Diokno has asked President Ferdinand Marcos Jr to certify as urgent the bill creating the Maharlika Investment Fund. 

In a memorandum dated Dec. 13, Diokno said the MIF is meant to create jobs, promote trade and investments, strengthen connectivity, expand infrastructure and achieve energy and food security. 

He said House Bill 6608 seeks to establish the MIF as an independent fund to ensure coordinated investment of national funds for promoting growth and social development. 

“Surely, the MIF can be a catalyst in changing our country’s economic landscape, and will aid in propelling the Philippines towards reaching its maximum potential,” Diokno said. 

House Speaker Martin Romualdez, who was one of the proponents of the measure, also earlier asked Marcos to certify the MIF bill as urgent. 

Lawmakers pushing for the bill earlier removed some of its most contentious provisions like the mandatory contribution of state-managed pension funds GSIS and SSS. 

Despite this, many still criticized the bill for mandating contributions from the Bangko Sentral ng Pilipinas.

A National Scientist in the field of economics also warned against rushing the passage of bill, and cast doubt on the country’s readiness to operate a sovereign wealth fund citing the Philippines’ “weak rule of law.”


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