Finance chief Diokno wants Marcos to certify Maharlika fund as urgent
MANILA, Philippines — Finance Secretary Benjamin Diokno urged President Ferdinand Marcos Jr. on Thursday to certify the bill responsible for the creation of the Maharlika Investment Fund (MIF) as urgent.
In a statement, Diokno said that House Bill 6608, facilitating the creation of the country’s sovereign wealth fund, would facilitate economic transformation. The Marcos Jr. administration’s plan to create a sovereign wealth fund was met with public backlash, with some of the loudest calls coming from businesses, academics and civil society.
“Surely, the Maharlika Investment Fund 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 in the statement.
A mix of public funds and dividends from the Bangko Sentral ng Pilipinas will be used as seed money for the MIF, based on the current iteration. But widespread criticism of the planned inclusion of retirement funds tended by the Government Service Insurance System (GSIS) and Social Security System (SSS) led to its removal.
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Marcos said the Maharlika would be advantageous for the Philippines "for sure", citing the need for more investments.
In a briefing last week, Diokno said that there was no need for the country to have a surplus to support the fund’s creation.
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HB 6608 has only cleared discussions at the plenary level at the House of Representatives. Diokno expects the law creating the MIF to be passed by the middle of 2023.
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