BRUSSELS — President Bongbong Marcos on 12 December broke his silence on the controversial Maharlika Investment Fund bill, defending the rationale for the proposed sovereign wealth fund.

Speaking to reporters on the presidential plane en route to the ASEAN-EU Summit in Belgium, Marcos said the Philippines needs more investments, which the Maharlika fund will facilitate.

"I wouldn't have brought it up otherwise… It's very clear that we need added investment. This is another way to get that," he said.

The Chief Executive called on the public to let lawmakers "do their job" to make the proposed measure "perfect."

The wealth fund bill has drawn criticism from top business groups, militant organizations, prominent economists, and the president's sister, Sen. Imee Marcos.

"Let's not debate until we see the final form, because we could be debating about provisions that will no longer exist. So, antayin natin kung anong gagawin ng legislature," said the president.

House Bill 6398 defines the MIF as an independent fund that adheres to the principles of good governance, transparency, and accountability.

Lawmakers are seeking to create an investment fund to allow the government to invest in foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, commercial real estate, and infrastructure projects, among others.

House Speaker Martin Romualdez and Ilocos Norte Rep. Sandro Marcos led a group of lawmakers in filing the bill.

Other authors of the measure are House Majority Leader Mannix Dalipe, Tingog party-list Reps. Yedda Marie Romualdez and Jude Acidre, and Marikina City Rep. Stella Luz A. Quimbo.