According to its major author, Sen. Mark Villar, the newly created Maharlika Investment Fund (MIF) should be given time to work, assuring opponents of its capacity to generate 350,000 jobs and benefit the overall economy.

Villar declared at the Kapihan sa Manila Bay conference on Wednesday that the MIF law should be given a chance despite being overwhelmingly supported by both houses of Congress and being sponsored by the President.

He went on to remark that it is better to work towards Maharlika's success since it will benefit the nation and the economy.

The senator stated that if there is investment, employment will be created, citing an estimate by the National Economic and Development Authority (NEDA) that showed an additional 350,000 jobs as a possible outgrowth of MIF investments.

President Ferdinand Marcos Jr. signed the contentious MIF measure into law on Tuesday. Marcos had declared the bill urgent for both chambers of Congress.

Despite opposition members' and other quarters' misgivings, the contentious MIF breezed through the parliamentary branch at breakneck speed.

Villar indicated that the government's investable cash will be used for initiatives that will create revenue for the government.

He stated that the MIF CEO should be a finance expert nominated by the President, but the nomination must go through an advisory board.

Villar went on to say that a MIF manager with exceptional talents and an "impeccable reputation" does not require a learning curve because he or she can perform his or her duties right away.

He added the MIF board will include representatives from the Development Bank of the Philippines and the Land Bank of the Philippines, as well as two full-time directors, three independent directors, and the secretary of the Department of Finance as an ex officio member.

Villar told the public that a legislative monitoring committee, as well as internal and external auditors, would ensure that no public funds were misappropriated in MIF.

Senate President Juan Miguel Zubiri stated that the Senate version of the MIF included two pages of sanctions for misusing the money.

He stated that President Marcos and the economic team are considering broadening their vetting process for people to manage the fund to include Filipino professionals abroad, namely "those working in fund management groups."