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October 6, 2023

President Marcos Jr. Signs Sovereign Wealth Fund Bill into Law

October 6, 2023

President Marcos Jr. recently approved the creation of the Maharlika Investment Fund (MIF), the first-ever Philippine sovereign wealth reserve. The fund’s purpose is to stimulate economic growth and

create jobs by providing a source of investment capital primarily for infrastructure projects.

The MIF is envisioned to be the primary funding source for the Marcos Jr. administration’s “Build Better More” infrastructure program which has commissioned various development projects such as the nation’s first subway system. When first proposed in November of 2022, the fund was met with much skepticism from policymakers over concerns of insufficient regulatory transparency. Before its approval, a series of changes were made to the original proposal to ensure the professional and apolitical management of the fund.

The administration hopes the fund will attract foreign investment and has already previewed the possibility of MIF collaboration with the Japan Bank for International Cooperation (JBIC). The aforementioned professional management of the fund will be crucial given the Philippines significant national debt. Nonetheless, the fund has overwhelming support from the Philippine legislature, which, according to Senator Mark Villar, is cause for optimism.

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