URL:https://www.pna.gov.

ph/articles/1202848

“Maharlika Investments Corp. Fully Operational Before Year-end”

Issue Analysis

The Maharlika Investments Corp. (MIC) is set to be fully operational by the end of the year, as
per Finance Secretary Benjamin Diokno. The MIF Act of 2023, which will create the Philippines' first
sovereign wealth fund, is expected to be signed by President Ferdinand R. Marcos Jr. before his second
State of the Nation Address in July. The MIC will have a paid-up capital of PHP75 billion, with PHP50
billion coming from the Land Bank of the Philippines and PHP25 billion from the Development Bank of
the Philippines. The fund aims to generate returns and support the government's economic goals through
investments in various assets such as foreign currencies, bonds, joint ventures, real estate, and
infrastructure projects. Despite economic challenges, Diokno remains confident in attracting investments
and reducing government debt through the establishment of the sovereign wealth fund.

When discussing the aims and goals of the Maharlika Investment Fund, its potential is quite
promising. Just imagine the help it could provide in advancing our national interests, such as
infrastructure development and meeting the needs of Filipinos that cannot be fully addressed by the
national budget alone. However, we must question whether the timing is perfect for its implementation.
The Philippine government continues to grapple with increasing fiscal deficits and mounting debt each
year , which raises concerns. In reality, our country lacks additional funds primarily due to corruption.
Personally, I disagree with the investment fund as I believe the government should prioritize passing a full
disclosure bill to ensure transparency and restore the people's trust.

If we continue with this investment fund without addressing corruption, it's like giving politicians
in power another opportunity to steal even more money from the Filipino people. As long as corruption
exists, this investment will be wasted because only a few will benefit while the rest of us wait for meager
scraps of money from the high-ranking politicians. This is a bad scheme by the government.