‘Maharlika Investment Fund to fill in gap when PHL as upper middle-income country loses official development assistance’ | Jasper Y. Arcalas

THE proposed Maharlika Investment Fund will allow the Philippines to expand its financing sources, especially when it becomes an upper-middle income state, a status that restricts it from tapping “less expensive” Official Development Assistance .

“On the ODA, the Philippines will soon graduate to be an upper middle-income country , and as such will cease to be eligible [for] the relatively less expensive ODA which are only available to less developed countries,” Diokno explained in a statement on Sunday. He reiterated that the MIF will widen the national government’s fiscal space, allowing it to develop more “large priority” projects at faster scale and boost investments in other key areas of the economy.

“As a result of the scarring effect of the pandemic, upskilling and retraining of our young population have high social and economic payoff. In an aging world population, our young people—tech-savvy, easily trainable, and mostly English speaking—are our most formidable asset.

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