Maharlika Investment Fund Act of 2023 to help finance big projects – Romualdez
Speaker Martin Romualdez, Senate President Juan Miguel Zubiri and other lawmakers applaud President Ferdinand R. Marcos, Jr. as he signs the Maharlika Investment Fund bill during a simple ceremony at Malabañan Palace.
MANILA, Philippines — The Maharlika Investment Fund (MIF) that President Ferdinand “Bongbong” Marcos Jr. signed into law on Tuesday will lift some burdens off the national government as it can support big-ticket projects.
House Speaker Martin Romualdez made the statement, saying it would support infrastructure projects, reducing reliance on local budgets and aid.
“As an additional vehicle for financing, the MIF is expected to widen the fiscal space in the near to medium-term as it reduces heavy reliance on local funds and development assistance as the main financing mechanisms for infrastructure projects,” he said.
“It is envisioned to enable the government to execute and sustain high-impact and long-term economic development programs and projects without imposing new or higher taxes,” he added.
The Speaker was present when the Chief Executive signed the measure into law.
Article continues after this advertisement— With reports from Bea Alicia Delariarte
Article continues after this advertisementRELATED STORIES:
Bongbong Marcos signs Maharlika Investment Fund into law
Proposed Maharlika fund just needs the President’s signature to become a law
