MANILA (UPDATE) — President Ferdinand Marcos Jr. on Thursday said he would sign the proposed law creating the Maharlika Investment Fund "soon" after it reaches his office.

The President said he would still need to look into the changes made in the Congress' approved version of the proposed sovereign wealth fund, which he said should be independent from government to become successful.

• EXPLAINER: The Maharlika Investment Fund, as approved by Congress

"I will sign it as soon as I get it," Marcos told Palace reporters in a chance interview.

"I think most of the changes that were proposed and eventually adopted really had to do with the safety and the security of people's pension funds," he said.

• Marcos says Maharlika Wealth Fund to benefit PH: I wouldn’t have brought it up otherwise

"If the bill comes before me, I will sign it but the secret to its success is who do we put in management. What is their experience? what is their reputation? What is their success rate?" he continued.

Marcos said the key for sovereign, pension, and hedge funds to succeed rested on those who handle them. Most of problems with these funds typically stemmed from managers, he said.

It is important that the Maharlika operates "as an independent fund," he said, adding that it would not be influenced by "political decisions in government."

"The managers chose for it to happen, itong mga eskandalo na nakikita natin sa ibang lugar (these scandals that we see in other countries). On the other hand, we see examples of really successful funds and the... difference is the management," Marcos said.

"We have made sure that...it is independent from government. One of the changes that even I proposed to the House is to remove the President as part of the Board, remove the Central Bank chairman, remove the Department of Finance," he said.

"The decisions made for the fund are made by finance professionals," he said.

The President said he acknowledges concerns on the proposed sovereign investment fund, "That’s all true. You must worry about that."

"But the only way to make sure that we do not get into trouble, the fund does not get into trouble is that it’s well and professionally managed," he said.

On Wednesday, Senate President Juan Miguel Zubiri signed the "corrected" version of the proposed Maharlika Investment Fund Act, which aimed to enable government to earn extra funds for infrastructure projects which could result in economic growth and poverty reduction.

• Zubiri OKs 'corrected' version of Maharlika bill

According to Senate Bill 2020 that the House of Representatives adopted, the Maharlika Investment Corporation's Board of Directors would have nine members composed of the following.

• - Chairperson - Secretary of Finance (ex-officio capacity)
• - Vice Chairperson - President and Chief Executive Officer of the MIC
• - President and CEO of LandBank
• - President and CEO of the DBP
• - Two regular directors (to be appointed by the President of the Philippines upon recommendation of the Advisory Body for a term of three years; they should not hold any other public office or or have any private financial and business interest while in office)
• - Three Independent Directors from the private sector (to be appointed by the President of the Philippines upon the recommendation of the Advisory Body for a term of one year)

The Maharlika fund will have an initial capital of P500 billion from the central bank, gaming revenues, and 2 government-owned banks.

• EXPLAINER: The Maharlika Investment Fund, as approved by Congress

RELATED VIDEO:

Watch more News on iWantTFC