LGU org expresses support for Maharlika Investment Fund
MANILA, Philippines – The Union of Local Authorities of the Philippines (ULAP) on Friday expressed support for the Maharlika Investment Fund (MIF), stressing it as a sustainable effort for national recovery and the creation of wealth.
ULAP is an umbrella organization of all leagues of local government units (LGUs) and locally elected government officials.
“As we recover from the pandemic, the government must be steadfast in seeking resources and undertaking long-term sustainable efforts towards national recovery and the creation of wealth at all levels,” said ULAP in a statement.
“Anchored on these premises, the Maharlika Investment Fund is a key strategy for economic progress – unlocking the untapped capital from the Philippine economy and serving as a key accelerator for growth and development of our provinces, cities, municipalities and barangays across the nation,” it added.
According to ULAP, the controversial MIF could unleash the needed investments in sectors that support local economies and finance long-overdue infrastructure projects.
It said nations such as Singapore, Norway, Abu Dhabi, and China have already set the example on “how to leverage on their respective state sovereign wealth funds to drive capital into much-needed investments, thus unlocking their nation’s economic acceleration.”
“With the transparency and accountability provisions inscribed in House Bill No. 6608 and the assurance that all necessary safeguards are put in place to protect the interests of the Filipino people, the ULAP supports the passage of the bill establishing the Maharlika Investment Fund,” ULAP said.
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