NEDA chief guarantees Maharlika Investment Fund won't affect national budget

A day after the Maharlika Investment Fund was signed into law, National Economic and Development Authority Secretary Arsenio Balisacan ensured that the fund will not affect the national budget for fiscal year 2024.

"To begin with, the total budget is going P5.3 trillion, we are talking only about P135 billion but even that is not part of the budget – these are funds that are not you know used either in Land Bank and DBP [Development Bank of the Philippines] and also remittance of the Central Bank or BSP [Bangko Sentral ng Pilipinas] to the national government ‘no," Balisacan said at a Palace press briefing.

"No, it will not happen by design because the fund that we are putting in there are quite, you know, idle funds not funds that being utilized. And what the fund is trying to do is to put those into more productive, higher yielding instruments so that you can earn more from those funds," Balisacan said.the MIF, which will tap state assets for investment ventures to generate additional public funds.

Republic Act No. 11954 was signed despite apprehensions and concerns on the measure, with some lawmakers pointing out the MIF bill's glaring errors and discrepancies as well as its ambiguous provisions. A Maharlika Investment Corporation will be established to act as the sole vehicle for the utilization of the MIF.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Marcos signs Maharlika Investment Fund bill into lawPresident Ferdinand 'Bongbong' Marcos Jr. on Tuesday signed into law the Maharlika Investment Fund (MIF), which will tap state assets for investment ventures to generate additional public funds. READ:
Source: gmanews - 🏆 11. / 68 Read more »

Marcos glosses over Maharlika Investment Fund’s political risksPresident Ferdinand Marcos Jr. did not tackle the contentious provisions of the Maharlika Investment Fund Act in his speech after he signed the bill into law, saying that the wealth fund would not be “colored by political considerations.”
Source: rapplerdotcom - 🏆 4. / 86 Read more »

Bongbong Marcos signs Maharlika Investment Fund into lawMANILA, Philippines — President Ferdinand “Bongbong” Marcos Jr. on Tuesday signed the controversial Maharlika Investment Fund (MIF) bill into law. The President signed the bill at the
Source: cebudailynews - 🏆 8. / 71 Read more »

Marcos signs controversial Maharlika Investment Fund (MIF) Act | Samuel P. MedenillaPresident Ferdinand R. Marcos, Jr. on Tuesday signed the controversial Maharlika Investment Fund (MIF) Act to help draw more investors to the country.  The signing ceremony was held at the Kalayaan Hall in Malacañang last Tuesday despite criticisms from some groups that it will expose government funds to possible misappropriation. In…
Source: BusinessMirror - 🏆 19. / 59 Read more »

The Maharlika investment checklist: Where Marcos wants to put the moneyThe Maharlika fund would be invested in agriculture, infrastructure, and energy development, President Ferdinand “Bongbong” Marcos Jr. said on Tuesday, July 18, after signing into law the bill creating the Maharlika Investment Fund (MIF) and allaying fears of fund mismanagement.
Source: manilabulletin - 🏆 25. / 51 Read more »