The country’s finance chief sees the Maharlika Investment Corporation (MIC), which will manage the proposed Maharlika Investment Fund (MIF), to be fully operational before the year ends.
The Maharlika Investment Fund Act of 2023 was approved by Congress on May 31, with the House of Representatives adopting the Senate version in the bicameral conference committee. The legislation is now in the process of enrollment and will be transmitted for the approval and signature of the President.
“We believe t the version crafted by our legislators will create a Fund that can accelerate investments in high-impact infrastructure and development projects,” Finance Secretary Benjamin Diokno said in a press briefing late Friday.
“The MIF bill provided the necessary safeguards to maintain transparency, accountability, fund integrity and robust risk management,” he added.
Asked what will follow once the measure is enacted into law, Diokno said: “We’re expected to prepare the implementing rules and regulations, we’re expected to look for people to man the MIC. That is the direction, and I see this to be fully operational before the end of the year.”
Diokno said the initial paid-up capital of at least P75 billion will be transmitted already by year-end.
The Land Bank of the Philippines will account for the initial capitalization to be invested in the MIC of P50 billion, while the proposed capitalization of the Development Bank of the Philippines under the bill is P25 billion.
The MIC shall have an authorized capital stock of P500 billion.
“The enactment of the MIC is precisely what is needed to negate the impact of weaker external conditions on the economy as it will introduce a new growth catalyst in the form of accelerated implementation of strategic and high-impact large infrastructure projects that will stimulate economic activity in the near-term and broaden economic potential in the long-term without the cost of additional fiscal burden to government,” Diokno said.
Meanwhile, in the same press briefing, Diokno shared the Privatization Council approved the final sale of P800 million worth of properties from the approved P1.9 billion worth of assets for disposition within the first six months of the Marcos Jr. administration’s term,
In contrast, the total sales collected from 2019 to 2021 only amounted to P664 million.
This week, the Council approved the sale of six properties with a total value of P152.8 million. For the rest of 2023, it is targeting to privatize 137 properties with a total value of P2.5 billion. – Angela Celis
