The economic team that formulated the Maharlika Investment Fund, with a startup investment of P250 billion coming from government financial institutions, assured the public that enough safeguards would be put in place to ensure accountability and transparency in managing the MIF.

These include abiding by the Santiago Principles of the International Working Group of Sovereign Wealth Funds and establishing a three-layer mechanism for checks and balances which feature internal audit, external audit, and final examination and audit by the Commission on Audit. Additionally, there will be an executive department reportorial requirement which will be implemented together with congressional oversight.

On 16 December, the House of Representatives approved the MIF bill which earned the solid support of 90 percent or 282 out of the 312 members of the House of Representatives.

Upon knowing that MIF was Bongbong's idea, 279 out of the 282 members of the lower chamber turned instant — and were officially named — co-authors of the measure.

The House Bill establishing the MIF was filed on 28 November 2022 by Representatives Ferdinand Martin Romualdez, Manuel Felipe Dalipe, Ferdinand Alexander "Sandro" Marcos, Stella Luz Quimpo, Yedda Marrie Romualdez, and Jude Acide.

The MIF is a sovereign wealth fund that will be used by the government for investment in a simple range of projects such as foreign concession, fixed-income instruments, domestic and foreign corporate bonds, commercial real estate, and infrastructure projects, among others.

Experience, education, and competence placed the Philippines in the best hands.

Bongbong said that his 12 years of experience as governor of Ilocos Norte has afforded him the opportunity to work with farmers in the field and had brought him closer to the people in the agriculture sector.

I have only three "dreams" for the workers in that sector: 1) Sustainable livelihood for farmers; 2) food security; and 3) affordable food for all.

My dreams are simple our farmers must have a profitable livelihood so that the next generation will be encouraged to continue this industry.

Bongbong also said that he would want the country to attain food self-sufficiency by prioritizing local production over food importation.

"Second, that we have food security and as much as possible not to rely on another country," he said.

Finally, he said he wanted food to be affordable for all Filipinos, amid rising food prices and impending shortages.

And third, that food would be affordable to everyone. "My dream is that there will be no hungry Filipino. And I am sure that is the dream of each of us," he said. He added that he will see that the price of rice per kilo will go as low as 20 pesos per kilo.

Last 16 November 2022, rice could be purchased at P25 per kilo. He's almost at his pledge of P20 per kilo.

The former governor from Ilocos Norte does not start with big promises. He had only three dreams for the Filipinos, plus the promise of reducing the price of rice to P20 pesos per kilo.

Today, Bongbong has his MIF, with an upstart investment of P250 billion for the benefit of the Filipinos.

Budget Secretary Amenah Pangadaman shared her optimism that the Maharlika Wealth Fund will help the Marcos administration achieve its "Agenda of Prosperity."

Finance Secretary Benjamin Diokno noted that the country should have had a sovereign wealth fund a long time ago to set aside funds for the future generation.

The economic team is composed of DBM Secretary Amenah Pangandaman, Finance Secretary Benjamin Diokno, Socioeconomic Planning Undersecretary Rosemarie Edillon, Bangko Sentral Monetary Board Member V. Bruce Tolentino, and GSIS President and General Manager Jose Arnulfo "Wick" Veloso.