In observance of the Holy Week, the Philippine News Agency’s online news service will be off on March 29, Good Friday, and March 30, Black Saturday. Normal operations will resume on March 31, Easter Sunday.

— The Editors

Maharlika Fund compliant with local laws, int'l standards

By Zaldy De Layola

December 22, 2022, 5:18 pm

MANILA – Quezon 2nd District Rep. David “Jayjay” Suarez on Thursday urged the public not to be misled into believing that the proposed Maharlika Investment Fund (MIF) would be disadvantageous and would be beneficial only to the administration and its allies.

In fact, he said that before the proposed measure’s final approval in the Lower House, it has undergone exhaustive review and rigorous plenary discussions and was fortified with safeguards and safety nets to ensure that fund managers will not be able to dip their hands into the fund’s investments.

“The approval of the bill went through congressional surgery. We made sure that not only is it compliant to local laws but congruent to international standards as well,” Suarez said.

Meanwhile, the lawmaker has given House Speaker Martin Romualdez a pat on the back for his unwavering push for the approval of the proposed Maharlika Investment Fund.

In lauding Romualdez’s leadership, Suarez likewise said that the proposal to put up a sovereign wealth fund is expected to further speed up the economic train that the Marcos administration has started running.

"I am pleased that even members of the House of Representatives who were initially opposing the bill are now co-authors of the final version that was approved by the lower house. That is proof that the measure was well-thought of and sufficiently deliberated upon," Suarez said.

"Our people need more information about the MIF so that they can see that the benefits outweigh the unwarranted fear. This is why I am appealing to all Filipinos to support the measure. There are 79 sovereign investment funds from other countries, of which 78 were successful. It is an issue of management and with so many brilliant minds in the Philippines, the Maharlika fund will be successful," he added.

The House of Representatives overwhelmingly approved the proposed MIF on final reading before it went on a month-long holiday break. The measure received commendations from reputable financial institutions like International Monetary Fund, the Asian Development Bank and the World Bank as a strong economic program of the Marcos administration. (PNA) 

 

 

Comments