Senator Mark Villar called on the public to rally behind the Maharlika Investment Fund (MIF) despite concerns about its viability and impact on the country’s fiscal position.
Villar, one of the principal authors of what’s now the MIF Law, told One News’ “Sa Totoo Lang” on July 21 that the country will benefit from the success of its first sovereign wealth fund.
“Andyan na ‘yan, binoto ng majority ng Congress. Overwhelming majority bumoto sa bill and of course, the President signed it. Mas mabuti magkaisa tayo, suportahan natin ang bill,” he said.
The senator, a scion of the wealthiest man in the Philippines, Manny Villar, said critics of the law are welcome to challenge it before the Supreme Court.
“With regards sa filing sa Supreme Court, karapatan nila yun pero sana mag-focus na lang tayo sa implementation ng bill,” he said.
Initial capitalization for the MIF will come from the Land Bank of the Philippines and Development Bank of the Philippines, as well as contributions from the national government and Bangko Sentral ng Pilipinas, among others/
According to the Department of Budget and Management, the MIF is envisioned to be invested in a wide range of assets, including joint ventures, domestic and foreign corporate bonds, foreign currency, fixed-income instruments, and mergers and acquisitions.
The MIF will be managed by the Maharlika Investments Corporation, which will be governed by a nine-member Board of Directors led by the Finance Secretary.