Amid criticisms on the lack of a business plan for the proposed Maharlika Investment Fund, Finance Secretary Benjamin Diokno said on Friday that there was no estimate yet how much the sovereign wealth fund would grow should it be established.
“We don’t have any projection [yet]… But there's a lot of money floating around,” Diokno said at the sidelines of the Asia CEO Forum on Friday in Pasay City.
Gatchalian added that legislators would be more comfortable if they could see where the fund would be invested. While there were no projections yet on how much the MIF would grow, Diokno was nevertheless optimistic that it would “attract more investments,” noting that the initial funding coming from the investible resources of the Landbank of the Philippines , the Development Bank of the Philippines , and the dividends/profits of the Bangko Sentral ng Pilipinas were only the “seed money.”
On criticisms that the MIF lacked a concerted business plan, Diokno echoed de Leon’s comment that the economic team would eventually come up with a plan once the Maharlika Investment Corporation, which will manage the sovereign wealth fund, was established.
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