MANILA, Philippines — Still facing criticism over the controversial Maharlika Investment Fund (MIF), President Marcos reiterated yesterday that the country’s first sovereign wealth fund would be managed by professionals and insulated from politics.
“To ensure sound financial management, a group of internationally recognized economic managers shall oversee the operations of the fund, guided by principles of transparency and accountability,” the President said during his second State of the Nation Address.
“This guarantees that investment decisions will be based on financial considerations alone, absent any political influence,” he added.
Marcos also gave assurance that the funds for social security and public health insurance of Filipinos would remain intact and separate.
Republic Act 11954, the law that established the MIF and a pet measure of the administration, was enacted last week.
While officials claimed that the MIF would hasten the implementation of key infrastructure projects and help the country achieve its growth targets, critics insisted that the wealth fund is risky and unnecessary.
Some groups have vowed to question the law’s legality before the Supreme Court.
According to Marcos, some of the nation’s high-priority projects can now look to the newly established MIF without the added debt burden.
“In pooling a small fraction of the considerable but under-utilized government funds, the Fund shall be used to make high-impact and profitable investments, such as the Build-Better-More program,” he said.
“The gains from the Fund shall be reinvested into the country’s economic well-being,” Marcos added.