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Before the session ends on June 2, the nation’s economic managers are hopeful that Senate Bill No. 2020, creating the Maharlika Investment Fund (MIF), will be approved.

“The Maharlika Investment Fund bill is making significant progress in the Senate, and we hope to see it signed into law before the President’s second State of the Nation Address on July 24,” Department of Finance (DOF) Secretary Benjamin Diokno stated in a statement released Monday night.

Diokno, Amenah F. Pangandaman, secretary of the Department of Budget and Management (DBM), and Arsenio M. Balisacan, secretary of the National Economic and Development Authority (NEDA), all appeared in the Senate plenary session on May 15, 2023, to show their support for the proposal.

The interpellation and debate period for the aforementioned proposal will resume on Tuesday.

Diokno previously stated that the MIF is a vehicle to diversify the nation’s financial holdings, including current institutions engaged in investment activities.

The Fund will be used solely for infrastructure development and high-yield investments.

Senator Mark Villar highlighted the MIF will be able to produce greater returns for the government in his address as the sponsor.

According to him, the Fund’s returns will utilize the government’s resources and produce substantial returns that will be used to finance signature projects.

On December 15, 2022, the House of Representatives passed its version of the Maharlika Investment Fund bill, officially designating roughly 90% of the chamber’s members as co-authors.

After President Ferdinand R. Marcos Jr. declared the MIF measure urgent, House measure No. 6608 was approved on final reading with 279 votes in favor and six votes against.

A Bicameral Conference Committee will be established after the Senate passes its bill version to resolve any discrepancies or objections on any of its provisions.

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