House Speaker Martin Romualdez on Monday filed a bill seeking the creation of the Maharlika investment fund (MIF), a sovereign wealth fund that will help improve the country’s investment opportunities to further boost the economy.

In the explanatory note, Romualdez said the proposed House Bill No. 6398 is essential to reach the objectives under the eight-point socioeconomic agenda and medium-term fiscal framework of President Ferdinand ‘Bongbong’ Romualdez Marcos Jr.

"Sovereign wealth funds are state-owned investment funds typically financed by a country’s surplus revenues or reserves. Governments invest these funds in an array of both real and financial assets to stabilize national budgets, create savings for their citizens, or promote economic development,” he explained.

Once the bill is enacted, the MIF will extract resources from the contributions of the Government Service Insurance System (GSIS), Social Security System (SSS), Land Bank of the Philippines (Land Bank), and Development Bank of the Philippines (DBP).

He cited Singapore and Indonesia as nations that successfully used the sovereign wealth fund as “a tool of a national strategy” and for “attracting direct foreign investments.”

The House speaker said the proposed MIF will adhere to Santiago Principles of the International Forum on Sovereign Wealth Funds (IFSWF) to ensure transparency and accountability when utilizing it.

“As the Philippines secures its place not only as the Rising Star of Asia but as a real economic leader in the Asia Pacific, the creation of the MIF becomes imperative,” he underscored.