The Marcos Jr. administration’s economic managers issued Tuesday an eight-page rebuttal to the paper published by the UP School of Economics (UPSE), maintaining that the MIF is critical in the country’s economic development. Know more:
THE Marcos Jr. administration’s economic managers issued Tuesday an eight-page rebuttal to the paper published by the UP School of Economics , maintaining that the Maharlika Investment Fund is critical in the country’s economic development.
They noted that passage of the MIF bill and the MUP bill are legislative priorities of the current administration in providing “radical reforms” to improve the country’s economic and fiscal standing. The economic managers reiterated that the MIF would “widen” the fiscal space in the near- to medium-term, as it would slash the “heavy” reliance on local funds and development assistance to bankroll the country’s infrastructure projects.
Furthermore, they argued that the MIF also “operationalizes” the Philippine Development Plan, citing a provision that the government “diversify and explore” alternative sources of financing in managing the country’s debt. Last week, Finance Secretary Benjamin E. Diokno disclosed that the enactment of the MIF and the proposed Public Private Partnership Act would easily double the country’s annual infrastructure spending to as much as 12 percent of gross domestic product .
This year, the government’s infrastructure program is pegged at almost P1.3 trillion, equivalent to 5.3 percent of the country’s GDP.
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