TIMING is right for the Philippines to set up its Maharlika Investment Fund amid fears that headwinds could thrust much of the world into near-recession levels, a senior lawmaker insisted on Monday, the eve of the expected signing of the controversial MIF into law.
A principal author of the MIF law, Villafuerte explained that, “The 19th Congress, in writing this MIF measure, sought to fit up government with a new funding stream for investments other than the traditional sources of funds, namely, the General Appropriations Act or national budget, official development assistance from our overseas partners and the business sector via the public-private partnership mode.
For Villafuerte, one bright spot for the Philippines amid the downtrend in the global economy is Fitch Ratings’ revision or upgrade last May of its Philippines’ Long-Term Foreign-Currency Issuer Default Rating to “Stable” from “Negative” and affirmation of its “BBB” rating. This, he said, “reflected the credit watcher’s confidence that our country is heading for strong medium-term growth after the pandemic, on the back of its sound economic policy framework.
In becoming a new investment fund source for high-impact, economically viable programs and projects, he said “the MIF would help the NG prevail over two drawbacks that threaten to handicap the Marcos administration’s agenda to sustain the robust economic growth path post-pandemic, create jobs and attack poverty, and keep the Philippines on its AmBisyon Natin 2040 path of becoming a prosperous middle-class society in less than two decades.
The Maharlika Investment Corp. , which will handle the MIF, has an authorized capital stock of P500 billion; and its initial paid-up capital will be P125 billion—P50 billion from the LandBank, P25 billion from the DBP, and P50 billion from the NG.
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