President Ferdinand Marcos Jr., Senate President Juan Miguel “Migz” Zubiri, House Speaker Ferdinand Martin Romualdez and Senator Mark Villar during the signing of the Maharlika Investment Fund bill. FILE PHOTO
UPDATED MANILA, Philippines — President Ferdinand “Bongbong” Marcos Jr. on Thursday said that the Maharlika Investment Fund (MIF) will push through.
In a speech before flying to Saudi Arabia, Marcos said he was “a bit alarmed” about reports that the MIF was postponed.
“I was a bit alarmed by the news reports early this morning that I read in the newspapers that we have put the Maharlika Fund on hold. Quite the contrary. We are, the organization of the Maharlika Fund proceeds apace, and what I have done though, is that we have found more improvements we can make,” said Marcos in his speech.
“We are still committed to having it operational by the end of the year,” he added, even though the memorandum sent to banks suspending the implementing rules and regulations was released through the Office of the President by the authority of Marcos.
Marcos also said that the Maharlika investment fund remains a good concept.
“We should not misinterpret what we have done as somehow, as a judgment of the rightness or wrongness of the Maharlika fund. On the contrary, we are just finding ways to make it as close to perfect and ideal as possible, and that is what we have done,” said Marcos.
According to the President, the Maharlika Investment Fund’s implementing rules and regulations have undergone consultation with the economic managers and involved personalities.
“We are encouraged by the reaction of our friends in the Middle East and, for that matter, around the world to the fund and we’re very encouraged that we are going down the right path,” he said.
Marcos is headed to Saudi Arabia for the Association of Southeast Asian Nations-Gulf Cooperation Council Summit. He also said he would pitch the Maharlika Investment Fund to Saudi Arabia.