According to the National Treasurer Rosalia de Leon, the Maharlika Investment Fund (MIF) is crucial in advancing the national government's infrastructure projects.
The country will benefit from the key infrastructure programs since the MIF can produce more funds for it, De Leon said last Saturday at a news forum.
“Mayroon po tayong 194 projects na na-identify na po ng NEDA (National Economic and Development Authority) costing about ₱9 trillion. So with this Maharlika Investment Fund, mas mapapadali po natin at mas mapapabilis po natin ang pag-implement ng mga infrastructure projects na ito sa tulong na rin po ng ating private sector,” she said.
This will be like a vehicle that will encourage more funds from offshore and the international funding community, since they can invest funds that will go to the government’s priority projects.
The National Treasure reminded everyone that sovereign wealth fund has been existing since many countries have been creating their own investment fund schemes.
“Bakit kapag, ‘di ba, sovereign wealth fund, dapat po you’re in a surplus, mayroon pong excess income? Hindi naman po ganoon lagi ang situation dahil ang konsepto po ng isang sovereign wealth fund, nag-evolve na po through the years dahil ginagamit nga po nila ang ganitong klaseng mga funding mechanisms para to attract mga inflows, mga private capital to be able to co-invest into the domestic and also into the national government investment funding sources,” De Leon said.
The MIF will consume the funds of loans to agricultural and non-agricultural sector and various industries, since the starting investment would come from the Bangko Sentral ng Pilipinas (BSP), Development Bank of the Philippines (DBP) and the Land Bank of the Philippines (LANDBANK), lessening the fear of critics.
De Leon said that the LANDBANK has ₱1.3 trillion investible funds. The bank will give ₱50 million for the MIF and that is not even 3% of it, so there is still a big use of the LANDBANK which can be used for the farmers and fisherfolks in the agricultural sector.
“Sa DBP naman po, 25 billion – that’s also just about 2.7 percent of their 850 billion investible funds. So, again marami pa pong pondo that would be available para po tugunan ang mga pangangailangan po ng ating industriya, ng ating mga businessmen, ng ating private sector…even our MSMEs (micro, small, and medium enterprises) para po matugunan again ang kanilang mga pangangailangan,” De Leon added.
The BSP would be giving its dividends to the MIF for the first 2 years wherein they declared to the national government their dividends and that is what they will use to contribute to the MIF, De Leon said.
According to De Leon, the MIF bill passed by the House of Congress has protection against graft and corruption.
“Dito po sa naipasa na batas, marami pong tinatawag na safeguards to be able to protect public money, at the same time iyon pong deter any acts of fraud, graft and corruption. Unang-una po, meron po diyan mga audits. Alam natin magiging under po ito ng COA (Commission on Audit) at mayroon pa po doon sa internal auditor na dapat po, that would be looking over and conducting regular audits on MIF,” De Leon said.
The congress will establish a committee who will oversee the MIF and that there will be an external auditor who will check the use of funds in line with the rules and regulations on the investment of funds.
