Mark Villar thanks economic managers for supporting establishment of Maharlika Investment Fund
Sen. Mark Villar during a session break in the Senate.
MANILA, Philippines — Senator Mark Villar, principal author and sponsor of the Maharlika Investment Fund, expressed his gratitude to the economic managers of President Ferdinand Marcos Jr., for their unwavering support for the establishment of the Maharlika Investment Fund (MIF) as a potent catalyst for economic growth.
“We welcome the statement made by PBBM’s [President Bongbong Marcos] economic managers. It goes to show that we really need the MIF now,” Villar said.
Senator Mark Villar, principal author and sponsor of the Maharlika Investment Fund.
In their official statement, the economic managers stressed that the MIF is fully aligned with the Medium-Term Fiscal Framework (MTFF) and the 8-Point Socio-economic Agenda, thereby operationalizing the Philippine Development Plan 2023-2028.
Economic managers said that Senate Bill No. 2020’s legal framework upholds vital economic principles and financial market participation, ultimately benefiting the Philippine economy and Filipinos.
“Ultimately, we are pushing for the creation of the MIF because it will benefit the Filipino people in many ways. It will generate investment, boost our economy, and create jobs,” Villar stated.
Article continues after this advertisementAccording to the managers, the MIF’s objectives are clear: to invest available funds from government instrumentalities for investment based on their respective mandates.
Article continues after this advertisementAs indicated, the MIF and other priority legislation will enable the nation to reduce reliance on foreign and domestic loans to meet annual budgetary requirements and bring us closer to self-sustainability in sourcing financial needs.
“Consistent with our previous explanations, the economic managers also forecast an estimated average return of 8.6%, surpassing the cost of capital and returns from current investment venues,” Villar disclosed.
The economic managers also emphasized that Senate Bill 2020 incorporates sufficient safeguards to minimize risks for shareholders and fund contributors, including the public sector.
They highlighted adherence to the Santiago Principles, establishing the Risk Management Committee, oversight mechanisms, and robust measures ensuring transparency and accountability.
They also underscored the absolute prohibition on the Social Security System (SSS), Government Service Insurance System (GSIS), and other pension and social funds from contributing to and investing in the MIC and MIF.
“We thank the economic team for the statement of support, and we look forward to the passage of the MIF. Para po ito sa buong Pilipinas [This is for the entire Philippines],” Villar added.
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