Kalayaan Hall, Malacañan Palace
July 18, 2023
President Ferdinand R. Marcos Jr. assured the public that the Philippine Government will maintain the integrity of the Maharlika Investment Fund (MIF) and protect it from any form of corruption or political considerations during the signing ceremony of Republic Act No. 11954 establishing the MIF at the Kalayaan Hall in Malacañan Palace.
“The real challenge is to maintain the integrity of the Fund, translate its gains into tangible changes for the benefit of all,” he said, assuring the public that the Fund will be managed by highly competent personnel with good track records and outstanding integrity.
The Chief Executive reiterated the crucial role of the Fund in paving the way for the country’s economic and developmental goals.
“Through the Fund, we will leverage on a small fraction of the considerable but underutilized investable funds of the government and stimulate the economy without the disadvantage of having additional fiscal and debt burden,” he stated.
He also pointed out that while the Administration had been rigorous in attracting foreign investments, joint ventures, Public Private Partnerships (PPPs) and government-to- government (G2G) arrangements, these all fall under the category of borrowings. He added that the country’s current gross domestic product (GDP) to debt ratio is at 63%, which is considered high in the region.
“We now have an available fund that will provide us the seed money for investments and to attract other foreign investments, and for us to be able to participate in those operations in those investments without additional borrowings,” he explained.
Moreover, the President added that the Fund will be used to accelerate the implementation of 194 National Economic and Development Authority (NEDA) Board approved flagship projects.
He mentioned several other priority investment areas of the Fund, which include agriculture, infrastructure, digitization, strengthening the country’s supply chains, as well as other elements necessary in the post-pandemic economy that would make the country not only investment-friendly but also competitive.
“Let us embrace this opportunity with open hearts and minds, confident in our ability to shape our own destiny and create a future where no dream is too big and no aspiration is beyond reach. That is the dream, that is what the Fund is for, we hope to fuel that dream,” President Marcos Jr. concluded.
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