Being a Palace-certified measure, it is expected to be signed into law in a couple of weeks or even days. And soon we'll have our own sovereign wealth fund, which will be managed by the Maharlika Investment Corporation — the corporate body that would be created upon enactment of the measure.
As Sen. Mark Villar, who steered the passage of the bill as chairman of the Senate Committee on Banks, said: “We pushed for this bill not just for the economic gains that we can get but more so to solve our worsening problems in terms of poverty rate and unemployment. In line with the projections of our economic managers, the Maharlika fund will be able to generate 350,000 jobs.”
Just to underscore his point, Zubiri said the Senate’s version of the Maharlika Investment Fund “can be defended at Plaza Miranda” in Quiapo, Manila—the site of traditional political meetings and discourse—due to the number of safeguards incorporated in the measure. The interest expressed by the Japan Bank for International Cooperation in the MIF is a big boost as it embodies trust in the sovereign wealth fund.
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