NextGen Day

The announcement that the bill establishing the proposed Maharlika Investment Fund (MIF) had made it to the Senate plenary on Monday was warmly received by the Department of Budget and Management (DBM).

Three weeks after the committee’s hearings on the MIF measures came to a close, the measure was brought to the Senate floor.

Senator Mark Villar, chair of the Senate Committee on Banks, Financial Institutions, and Currencies, was commended by DBM Secretary Amenah Pangandaman for supporting Senate Bill No. 2020, which creates the MIF Act.

We applaud Senator Villar for being the sponsor of Senate Bill 2020. This demonstrates his well-defined plan for the nation’s economic development, she added in a statement.

The MIF Act, she said, will significantly help the nation “achieve the goals outlined in the Medium-Term Fiscal Framework, the 8-Point Socioeconomic Agenda, and the Philippine Development Plan 2023 to 2028” by “increasing its fiscal space, catalyzing economic growth,” she said. The DBM has continued to support the MIF Act’s passage, she added.

Most importantly, the MIF Act’s advantages will be enjoyed by present and future generations, the DBM noted.

The DBM also committed to keeping providing technical support to lawmakers in order to protect the legitimacy of the MIF, preserve the rule of law, and respect the legislative process.

The initial capitalization required by SB 2020 will come from the investible funds of the Land Bank of the Philippines and the Development Bank of the Philippines, as well as dividend payments from the Bangko Sentral ng Pilipinas, the national government’s share of earnings from the Philippine Amusement and Gaming Corporation, and proceeds from asset transfers and privatizations.

According to Villar, the MIF’s founding will aid the nation in achieving economic reform, growth, and sustainability.

He gave his word that the principles of “good governance, openness, and accountability” would be followed in the development of the MIF as well as in the management, investment, and use of its proceeds.

He stated that multiple levels of supervision would be implemented.

In addition to promoting good intergenerational management of the nation’s financial resources, Villar noted that this will also enhance the welfare of Filipinos in future generations.

In January, President Ferdinand R. Marcos Jr. oversaw the MIF’s soft debut, which took place concurrently with the World Economic Forum in Davos, Switzerland.

The creation of the MIF for the Philippines, according to him, was supported by WEF attendees when Marcos explained that the fund would be used to diversify the nation’s financial holdings.

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