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PSE President Monzon backs Maharlika fund, cites potential growth in capital markets

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ABS-CBN News

<p><br/>MANILA — Philippine Stock Exchange President Ramon Monzon said on Monday the proposed Maharlika Investment Fund could create a &quot;multiplier effect,&quot; attract more investments, and result in growth in the country&#x27;s capital markets.</p><p>&quot;The Philippine Stock Exchange Inc supports the recently approved House Bill No.6607 establishing the Maharlika Investment Fund,&quot; Monzon said in a statement. </p><p>President Ferdinand Marcos Jr.&#x27;s son and cousin are among lawmakers pushing for the passage of a law that would create the country&#x27;s first sovereign wealth fund.</p><p>Controversial due to the initial inclusion of the pension funds Social Security System and the Government Service Insurance System as funding sources, the proposal has been revised to appease the concerns of the public as well as financial experts.</p><p>The MIF will draw funds from the Land Bank of the Philippines, the Development Bank of the Philippines, PAGCOR and the Bangko Sentral ng Pilipinas, among others. </p><p>Proponents have said the MIF will support economic growth and support government projects. </p><p>&quot;The PSE&#x27;s primary mission is to facilitate the flow of capital into more productive and beneficial channels and as a result contribute to efficient capital formation for the country,&quot; Monzon said.</p><p>&quot;Since the MIF seeks to attract and invest capital for big-ticket infrastructure projects, sustainable green and blue infrastructures and countryside developments, we believe these investments will create a multiplier effect that would attract more fund-raising activities and portfolio investments and in turn contribute to the growth and development of our capital markets,&quot; he added.</p><p>The House of Representatives last week approved the bill on its third and final reading after Marcos issued a letter seeking the “immediate enactment” of the measure.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/12/08/22/maharlika-is-ph-ready-for-a-sovereign-wealth-fund">&#x27;Neither good or bad&#x27;: What is the Maharlika sovereign wealth fund?</a></li>	<li><a href="https://news.abs-cbn.com/video/news/12/16/22/swift-house-approval-of-maharlika-fund-bill-draws-flak">Swift House approval of Maharlika fund bill draws flak</a></li>	<li><a href="https://news.abs-cbn.com/business/12/15/22/maharlika-passed-by-congress-as-marcos-backs-bill">House passes Maharlika on final reading as Marcos calls for bill&#x27;s immediate enactment</a></li></ul><div><strong>RELATED VIDEO</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2383453" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

PSE President Ramon Monzon said the proposed Maharlika fund could create a 'multiplier effect' and result in growth in the country's capital markets.