The Marcos administration has launched a microsite dedicated to the contentious Maharlika Investment Fund (MIF), as it confronts criticism from sectors that dispute the administration's intention to push for the establishment of the country's first-ever sovereign wealth fund.
The Maharlika microsite, accessible at https://maharlika.dof.gov.ph, contains news releases, statements, videos, and images relating to the MIF and the legislation that constituted it.
One element of the microsite features a collective statement from economic managers supporting the wealth fund drive and presenting it as a "vehicle for economic growth.
The Presidential Communications Office invited the public to visit the microsite for MIF updateS.
President Ferdinand Marcos Jr. signed Republic Act 11954, establishing the MIF, on Tuesday, claiming that the move will speed up the construction of major infrastructure projects.
The MIF, which is meant to be a vehicle for lucrative investments, would assist the country in attaining its medium-term economic growth target of 6.5 to 8%, according to the President.
However, certain industries argue that the MIF is superfluous, prone to politicization, and poses major economic dangers.
Rep. Joey Salceda, an economist-legislator, sees the new MIF law as a solution to keep around P13 trillion in investible funds of private firms, which would help the local economy flourish as the government seeks to recover from the pandemic.
According to him, the "total corporate sector generated P9.03 trillion in 2023.
The statistics were gathered from the Philippine Statistics Authority's Income and Outlay Accounts, according to the House source. The senior administration politician continued,
Salceda said that investors can outsource those issues to a government-owned company rather than doing it all themselves, making the job easier and the investment less risky with MIF.
According to him, MIF can reduce the risk of local investors placing their money abroad.
Rep. Zaldy Co., chairman of the House Appropriations Committee, stated that by establishing MIF, the Marcos administration is "taking a bold step towards our country's economic transformation.
According to Co, the head of the 54-member Party-list Coalition Foundation Inc., the MIF bears the prospect of "unlocking new opportunities and driving progress through investments in key sectors such as socioeconomic development and infrastructure.
Deputy Speaker Ralph Recto encouraged Marcos' economic managers to disprove Maharlika's detractors, protect Marcos, and take up the fight for him, especially when questions about the government's budgetary viability have been raised.
What congressmen and senators achieved was simply "more safeguards against abuse and misuse of cash, as well as stronger qualifications for those in the driver's seat... The accelerator cannot be the sole thing that is good. An effective braking mechanism is also essential for avoiding accidents.
Recto also asked "appointing authorities" to pick "the best and the brightest" to oversee what he called "the Republic's sovereign fund," which will be used to finance projects "needed today while earning money to fund future ones."
