The MIF will be beneficial to the implementation of the Marcos administration’s Philippine Development Plan for 2023-2028 as it can help finance the national government’s investment priorities, according to Secretary Arsenio Balisacan.
Asked if a delay or even a nonpassage of the MIF bill would affect the six-year economic plan, which was approved on Dec. 16, Balisacan said no, “but the earlier [a law is passed] the better, because it complements, it enhances the available vehicles of funding that we already have.”At the televised Laging Handa briefing on Monday, a Filipino-Canadian economist suggested more improvements to the MIF, including changing its name to make it “apolitical.
The President’s late father propagated the use of the word “Maharlika” to promote patriotism during the martial law years, recalling his nom de guerre and the name of his supposed guerrilla unit during World War II that historians claimed did not exist. Aside from the name change, he said the Senate should subject the measure to “fine-tuning” to address further concerns on transparency and accountability.
“We need to know that to eliminate doubts among our countrymen as to where the hard-earned money of the Filipinos went. So we can trace what we call fraudulent investments. It should be clear to us where the money went because we’ll see here if the investments were very risky. And what will happen there is if we know that it’s risky, there’s a chance that the fund will lose money. So it has to be clear to us and the auditors where the money went,” he said.
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Speaker: Transparency key MIF safeguardSpeaker Martin Romualdez on Sunday said transparency is among the key safeguards that the House of Representatives incorporated in the Maharlika Investment Fund (MIF) bill to prevent the misuse of the sovereign wealth fund. READ:
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Romualdez guarantees transparency in Maharlika fundTransparency isn’t a mere afterthought in the proposed Philippine sovereign wealth fund, dubbed the Maharlika Investment Fund (MIF).
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Neda chief backs Maharlika fund to help sustain economic growthMANILA, Philippines — Secretary Arsenio Balisacan, chief of the National Economic and Development Authority (Neda), backs the proposed Maharlika Investment Fund (MIF) as it would help the country
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