Senator Mark Villar has commended President Ferdinand 'Bongbong' Marcos Jr.' enactment of Maharlika Investment Fund (MIF) after signing it into law on Tuesday.
This bill will now be referred to as Republic Act 11954, marking a momentous step forward in the administration's agenda.
Villar expressed his appreciation for the swift action in signing the Maharlika bill, emphasizing its pivotal role in promoting economic growth.
"The signing of the Maharlika bill shows that economic recovery is one of PBBM's major priorities. Through this we will be able to generate more jobs for the Filipino people and provide appropriate funding in sectors left behind such as agriculture, energy, health, information technology and infrastructure." Villar remarked.
The Maharlika Investment Fund represents the Philippines' inaugural sovereign investment fund, acting as a conduit for pursuing emerging investment opportunities.
"The MIF is a historic legislation. We are now at par with other countries who also have their own sovereign wealth fund." further affirmed.
"We are in full support for the current administration's goal to push for economic recovery and uplift the livelihood of all Filipinos" he added.
However, critics, including politician and groups, have voiced their opposition to the passage of the MIF bill, citing its potential for corruption and lack of long-term sustainability.
Senate Minority Leader Aquilino "Koko" Pimentel has called for a legal challenge, arguing that the concept of the fund was hastily developed. He further emphasized that unlike other countries, the government lacks a budget or trade surplus to ensure the MIF's viability.
Simultaneously, various militant groups staged a protest in Mendiola during Marcos Jr.'s signing of the controversial MIF Bill.
The groups expressed concerns regarding the appointment of the Board of Directors responsible for overseeing the Maharlika Investment Corporation, as they alleged close associations between these individuals and President Bongbong Marcos Jr.
