President Ferdinand Marcos Jr. underlined Monday that the country's first sovereign wealth fund, the Maharlika Investment Fund (MIF), would be handled by professionals and would be separate from politics.
During his second State of the Nation Address (SONA), Marcos said that a group of internationally recognized economic managers needed to oversee fund operations that were guided by transparency and accountability principles.
"This guarantees that investment decisions will be based on financial considerations alone, absent any political influence," he added.
Marcos also stated that the funding for Filipinos' social security and public health insurance would stay intact and distinct.
Last week, Republic Act 11954, the law that founded the MIF and is a favorite of the administration, was passed.
While officials argued that the MIF would assist the country in meeting its economic targets by hastening the completion of critical infrastructure projects, detractors claimed that the wealth fund is hazardous and unnecessary.
