President Ferdinand Marcos Jr. said there would be no politicians involved in the handling of the Maharlika Investment Fund (MIF) and assured that the sovereign fund would be run by professionals.
The President made his remarks during a sit-down conversation with former Australian trade minister Steven Ciobo at the 10th Asia Summit hosted by the Milken Institute in Singapore.
“The main assurance that we had to give was that it’s not going to involve politicians, because when the politicians get involved, then the decisions are no longer purely financial in nature, and that causes failure, I think. And it doesn’t make it an efficient management of the fund,” President Marcos said.
He added that the sovereign wealth fund would be run by professional fund managers to manage the ins and outs of the MIF properly.
Asked how the funding will be used, Mr. Marcos said it will be used “to transform” the country’s economy.
“So, those are the ways that we see. This will go into infrastructure, into power development, healthcare, all of the areas that we have identified as priorities,” the President said.
“So, to make a list, it’s really — for us it’s agriculture, it’s energy, it’s ease of doing business, it is also the tax structure that we have to transform,” he continued.
Earlier, the President also said through the MIF, the Philippines would be a gateway of possibilities in the area of investment.
Mr. Marcos signed the MIF Bill into law last July, erecting the sovereign wealth fund.
“We have also recently launched our own sovereign wealth fund, the Maharlika Investment Fund. The fund is designed to consolidate investible funds from government financial institutions to further drive economic development through strategic investments both domestically and overseas,” he added.
The President emphasized the Philippines’ capabilities to offer a myriad of opportunities across various sectors.
“Despite high inflation and global market instability, our economy grew by 7.6% in 2022, the fastest rate of growth recorded by our country since 1976, coincidently, in the time of my father (Ferdinand E. Marcos Sr.),” he said.
This developed as the Maharlika Investment Corporation, the company that will manage the MIF, is now accepting applications and nominations for membership in its Board of Directors.
In an advisory, the Presidential Communications Office (PCO) said the following positions are available for applicants: President and Chief Operations Officer (PCEO), Regular Director, and Independent Director.
Requirements and qualifications are listed on the Department of Budget and Management website. Applications will be accepted until September 27.