On Thursday, President Ferdinand “Bongbong” Marcos Jr. clarified that the Maharlika Investment Fund (MIF) was not suspended. He emphasized that the government is actively striving to make it operational within the current year.
“I was a bit alarmed by the news reports early this morning that I read in the newspapers that we have put the Maharlika Fund on hold. Quite the contrary,” Marcos said in a speech before his departure for Riyadh, Saudi Arabia, where he is set to attend the 2023 ASEAN-Gulf Cooperation Council Summit.
“We are, the organization of the Maharlika Fund proceeds apace, and what I have done though, is that we have found more improvements we can make, specifically to the organizational structure of the Maharlika Fund,” the President added.
In a memorandum issued on October 12, 2023, Marcos instructed the temporary suspension of implementing the Maharlika Investment Fund’s (MIF) rules and regulations, pending further examination.
During his speech, Marcos reiterated that the concept of the MIF as a sovereign fund is still considered sound, and the government remains dedicated to making it operational by the year’s end.
Marcos emphasized that the suspension of the IRR should not be misconstrued as a judgment regarding the validity or correctness of the MIF.
“On the contrary, we are just finding ways to make it as close to perfect and ideal as possible, and that is what we have done,” he said.
Maharlika Investment Fund not on hold – Pres. Marcos
The President further affirmed that discussions about the MIF had involved economic managers and individuals who would play active roles in the fund’s implementation.
“This has been in consultation not only with our economic managers but also with the people, the personalities who will actually be involved in the fund. And that’s why their inputs had been very important and that is why we are going to now utilize them to make it a better organization,” Marcos said.
Marcos also mentioned that during his official visit to Saudi Arabia, he intends to introduce the MIF to Middle Eastern countries.
In July, he signed Republic Act No. 11954, known as the Maharlika Investment Fund Act of 2023. This law uses state assets for investment ventures, generating additional public funds.
It established the Maharlika Investment Corp. (MIC), a government-owned entity overseeing the MIF. The MIF comprises funds from state-run financial institutions, which will be invested in high-impact projects, real estate, and financial instruments.
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