PRESIDENT Ferdinand R. Marcos Jr. announced on Monday that private money may be used for the proposed Maharlika Investment Fund , but gave assurances that safeguards will be in place so it cannot be used for money laundering.
“Yes, private money will be involved in the fund, but it is not [like] a savings account,” Marcos said in an exclusive panel interview with television networks.During the interview, he also explained that the MIF, which will be created via a new law, will only serve as “seed fund” for the country’s sovereign wealth fund.
“You cannot use funds from the GOCCs. That is the money of the government. So what will the government spend?” Marcos said.Marcos urged Congress to pass the legislation creating the MIF since he said it will help boost the country’s capability to invest in much needed projects in infrastructure and energy.