Gatchalian: Purpose of Maharlika Investment Fund 'very clear'

ABS-CBN News

<p>MANILA — A senator who voted in favor of establishing the the country&#x27;s first sovereign wealth fund defended the controversial measure on Thursday.</p><p>Speaking to ANC, Sen. Sherwin Gatchalian said the main purpose of the bill creating the Maharlika Investment Fund is very clear.</p><p>&quot;The declaration of policy is very clear—for economic development, to reduce poverty... The bill is very clear in terms of the direction,&quot; he told &quot;Headstart&quot;.</p><p>&quot;The Maharlika Investment Fund has a two-fold objective. One is to invest in infrastructure and number 2, invest in profitable infrastructure so that it will get returns that can go back to the economy,&quot; he added.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/video/business/05/31/23/congress-approves-final-version-of-maharlika-investment-fund-bill">Congress approves final version of Maharlika Investment Fund bill</a></li></ul><p>The bill now only needs President Ferdinand Marcos Jr.&#x27;s signature to become law.</p><p>The House of Representatives on Wednesday adopted Senate Bill 2020 or the Senate&#x27;s version of the bill.</p><p>The 19th Congress passed the measure before adjourning its First Regular Session.</p><p>One of the major changes of the bill is keeping state pension funds out in the proposed sovereign wealth fund.</p><p>Marcos on Wednesday also allayed concerns over the sources of funding. But he also said he sees nothing wrong with state pension funds investing in the MIF.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/06/01/23/maharlika-to-support-marcos-admins-economic-goals-dof">Maharlika to support Marcos admin&#x27;s economic goals: DOF</a></li></ul><p>The country&#x27;s economic managers have insisted the MIF would greatly benefit the Philippine economy.</p><p>They have asserted the MIF would provide government with a longtime source of income and ease the burden of the national government by providing additional funding for priority projects.<br/> <br/>Business groups, opposition leaders and other critics had warned the fund&#x27;s first version could deplete worker pensions and stoke corruption through reckless investment decisions.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/05/31/23/marcos-assures-public-state-pension-funds-out-in-maharlika">Marcos assures public: State pension funds out in Maharlika</a></li></ul><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=2636860" 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><div><strong>— With a report from Agence France-Presse</strong></div>

A senator, who voted in favor of establishing the the country's first sovereign wealth fund, on Thursday defended the controversial measure.

Gatchalian: Purpose of Maharlika Investment Fund 'very clear' | ABS-CBN

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Gatchalian: Purpose of Maharlika Investment Fund 'very clear'

Gatchalian: Purpose of Maharlika Investment Fund 'very clear'

ABS-CBN News

Published Jun 01, 2023 01:28 PM PHT

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Updated Jun 01, 2023 01:33 PM PHT

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Senate

Congress

Sherwin Gatchalian

Maharlika Investment Fund

MIF

sovereign wealth fund

Ferdinand Marcos Jr

Bongbong Marcos

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