The country's economic managers on Tuesday reaffirmed their support for measures seeking the establishment of the Maharlika Investment Fund (MIF) or sovereign wealth fund, saying that this is a "vehicle for economic growth" that is "necessary at this point in time".

"We the Economic Managers of the Administration, reaffirm our support for the establishment of the Maharlika Investment Fund (MIF) as a vehicle for economic growth," the economic managers said in a joint statement.

"The MIF is not only beneficial but necessary at this point in time. While the Philippines can offer investment opportunities, given that we are still a growing economy, we see that the cost of debt has risen, making the need to explore vehicles to attract equity financing such as MIC/MIF urgent," they added.

The country's economic managers are National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan, Department of Budget and Management (DBM) Secretary Amenah Pangandaman, and Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno.

They also cited that the MIF bill is in line with the Marcos admin's Medium-Term Fiscal Framework Tool (MTFF), the 8-Point socio-economic agenda, as well as the Philippine Development Plan for years 2023 to 2028.

"The MIF's objectives are clear: to invest funds that are available in government instrumentalities and utilized them for investment purposes on the basis of their individual mandates," the economic managers said.

The returns of the investment, they said, will allow the government to finance and implement high-impact and long-term socio-economic projects and programs "without imposing new taxes."

The controversial bill is inches away to become law as it awaits the signature of President Ferdinand 'Bongbong' Marcos Jr.

Earlier this month, the House of Representatives adopted Senate Bill 2020, the version of the Senate during the bicameral conference committee.