MANILA: Malacañang has acknowledged the receipt of the proposed Maharlika Investment Fund for the President’s signature. According to a text message from Press Secretary Cheloy Garafil on Wednesday, the proposed measure was forwarded to the Office of the Deputy Executive Secretary for Legal Affairs on Tuesday, July 5.

Garafil said there is no official date yet for the signing of the MIF into law.

According to Senate President Juan Miguel Zubiri, the proposed legislation that establishes the MIF is expected to be signed into law by President Ferdinand R. Marcos Jr. during the second or third week of July.

Marcos has certified the bill as urgent, emphasizing the crucial requirement for a sustainable national investment fund to expedite the implementation of significant infrastructure projects in the country.

The President stated last month that he would promptly sign the bill upon receiving it.

Budget Secretary Amenah Pangandaman said the economic managers have been advocating for the signing of the MIF before Marcos’ second State of the Nation Address (SONA) on July 24th.

Under the provisions of the 1987 Constitution, the President has a 30-day window to either sign or veto legislation that is sent to their office. In the event that the President does not take any action within the 30-day period, the bill automatically becomes law.

The president aims to establish a sovereign wealth fund that will be utilized for investments in various assets, including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, commercial real estate, and infrastructure projects, with the goal of promoting economic development.

However, sectors opposed to the proposal express concerns that the MIF could be mismanaged and become a potential source of corruption. They point to the case of 1Malaysia Development Berhad, which faced allegations of graft. They disagree with the initial plan to utilize funds from entities such as the Social Security System (SSS), Government Service Insurance System (GSIS), Philippine Health Insurance Corp. (PhilHealth), and the Home Development Mutual Fund (Pag-IBIG Fund) for the sovereign wealth fund, a provision that was later omitted in the draft.

Marcos addressed concerns about the investment fund, assuring its independence from the government and emphasizing the need for expert financial management. While acknowledging public worries, he emphasized the importance of ensuring the fund’s success through careful selection of experienced, reputable, and successful managers.

Photo: Philippine News Agency