MIF. Department of Finance Secretary Benjamin E. Diokno presents DOF's proposed consolidated budget of PHP32.4 billion for 2024, including its attached agencies and corporations, before the Senate Finance Subcommittee A on Monday (Oct. 2, 2023). Diokno said the 2024 budget proposal reflects a prudent increase of 3.6 percent compared to the DOF 2023 budget. (Photo courtesy of Senate PRIB)
MANILA – The Maharlika Investment Fund (MIF) will be operational by the first quarter of next year, Department of Finance (DOF) Secretary Benjamin Diokno said on Monday.
During the Senate Committee on Finance's deliberation on the DOF's proposed 2024 budget, Diokno said this is once President Ferdinand R. Marcos Jr. has appointed all the officials that will manage the Fund.
"The list of candidates for the positions, the president and CEO of the council, the two regular directors and three independent directors that has been prepared already and will probably be sent to the President within the week. So, once we have organized, I think that would take another quarter, and maybe we will be off and running maybe the first quarter of next year," Diokno told senators.
The DOF chief also confirmed that the Land Bank of the Philippines and the Development Bank of the Philippines have already released their contributions to the Fund amounting to PHP75 billion with an additional PHP31 billion declared dividend by the Bangko Sentral ng Pilipinas.
Last July, President Marcos signed into law the Maharlika Investment Fund Act of 2023 establishing the country's first ever sovereign investment fund.
Diokno said the MIF will serve as a platform for local and foreign capital, large global funds, global financial institutions, multilateral partners, and other sovereign wealth funds to make direct equity investments in Philippine ventures and projects.
He said by the time it starts running, the MIF will focus its investments on infrastructure flagship projects, particularly public road networks, tollways, railways, green energy, water resources, agro-industrial ventures, and telecommunications. (PNA)
