Senate President Miguel Zubiri confirmed on Wednesday that President Ferdinand 'Bongbong' Marcos Jr. will be signing the Maharlika Investment Fund (MIF) bill, which the current administration considers a landmark measure into law.
According to Zubiri, the Presidential Legislative Liaison Office (PLLO) informed him regarding Marcos’ schedule for signing the MIF, which will happen on July 18.
The Senate President stated that he and several senators, including Senator Mark Villar, the main author and sponsor of the MIF bill, had been invited to attend the bill's signing at Malacañang.
Aside from the MIF bill, Marcos will sign a two-year Estate Tax Amnesty Extension, which is scheduled to be one of the topics covered in his second State of the Nation Address (SONA) on July 24, according to Zubiri.
He stated that if the MIF is signed into law, it might be implemented this year.
The MIF, designated as "urgent" by Marcos, is a sovereign wealth fund that will invest in a variety of assets, including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, commercial real estate, and infrastructure projects.
Zubiri believes that the MIF will provide more jobs and opportunities for Filipinos due to investments in infrastructure and transportation.
The Estate Tax Amnesty Extension will extend the estate tax amnesty period by two years, or until June 14, 2025.
This is the amnesty's second extension; the first was from 2021 to 2023. It expired on June 14, 2014.
Malacañang had also declared the proposal urgent.
