SENATE President Juan Miguel Zubiri vowed on Thursday, May 25, 2023, the swift approval of a measure seeking the establishment of the Maharlika Investment Fund (MIF).

Zubiri said the plan is to approve Senate Bill 2020 or the Maharlika Investment Fund Bill on second and third reading next week after it was certified as urgent by President Ferdinand “Bongbong” Marcos Jr.

He said it can be closed and approve the bill during the same week.

“We are accommodating the last few members who want to interpellate on Monday then we can open the period of amendments immediately after,” Zubiri said.

Marcos said in his certification that there is a “compelling need for a sustainable national investment fund as a new growth catalyst to accelerate the implementation of strategic and high-impact large infrastructure projects that will stimulate economic activity and development.”

Zubiri said they are hoping that the House of Representatives will adapt its version of the measure, which was passed in December, 17 days after it was filed since Marcos also certified it as urgent.

He said its version of the measure has more safeguards to prevent the Maharlika Fund from being misused.

The MIF is aimed to diversify the country’s financial portfolio by attracting more investors.

The funds will be sourced from the investible funds of select government financial institutions (GFIs), from contributions of the national government, declared dividends of the Bangko Sentral ng Pilipinas (BSP) and other sources of funds which will be used to invest on a strategic and commercial basis in a manner designed to promote fiscal stability for economic development and strengthen the top-performing GFIs through additional investment platforms that will help attain the national government’s priority plans. (SunStar Philippines)