FILE PHOTO: Sen. Mark Villar | PHOTO: Senate PRIB
Senator Mark Villar has expressed his gratitude to his colleagues for passing the proposed Maharlika Investment Fund (MIF) bill on third and final reading.
His remark comes after Senate approved the measure at 2:33 a.m. on Wednesday, March 31, 2023.
He is the author of Senate bill number 2020, otherwise known as the MIF.
“I thank my colleagues both in the majority and the minority for the amendments they presented. Together we were able to craft a bill that will best benefit the Filipino people,” Villar emphasized.
“We pushed for this bill, not just for economic gains that we can get, but more so to solve our worsening problems in terms of poverty rate and unemployment,” Villar said.
“In line with the projections of our economic managers, Maharlika will be able to generate 350,000 jobs,” the senator estimated.
“We have carefully studied and analyzed the MIF bill. We made revisions and added more safeguards to ensure that the version will benefit the Filipino people,” added Villar.
The senator cited numerous benefits that the country will attain once the Maharlika bill is passed into law.
“It will create more jobs. More infrastructure projects mean more job opportunities for Filipinos,” he said.
“We will promote economic growth since better infrastructure leads to more efficient transportation, communication, and other systems,” he added.
Villar also sees the measure as a vehicle to reduce poverty.
“This will help government manage its budget and mitigate fiscal pressures during economic downturns as it acts as a safety net for the country,” the lawmaker guaranteed.
He also pointed out MIF may be used to invest in sectors such as agriculture and energy.
“Ang kapalit ng pondo natin ay investment, hindi lang sa imprastraktura kung hindi pati sa agrikultura at enerhiya na kailangan na kailangan na natin,” he said.
(Investment will replace the funds, not just in infrastructure but also in agriculture and energy that we really, really need.)
“This is what MIF is there for – to generate jobs and financing in the sectors that lack investment,” Villar noted.
He also mentioned other benefits that the passage of the legislative piece will bring.
These are capital accumulation, sustainable development, economic stability, financial sustainability, foreign investments and reduction of foreign debt.
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