BBM shows ‘em
“The MIF is considered by most of those who listened to BBM as a good idea that will be a good catalyst for economic development.
President Ferdinand “Bongbong” Marcos Jr. presented at the World Economic Forum in Davos, Switzerland a growth strategy that would sustain the momentum of the economy as among the fastest in the region.
Marcos, displaying his will, pulled through with the soft launch of the Maharlika Investment Fund or MIF, defying detractors who said it was an exercise in futility since the MIF bill has yet to move in the Senate.
The MIF also took heavy flak from critics who said that sovereign wealth funds had the nature of investing financial surpluses, which the government does not have.
Marcos turned the tables on his critics when he presented a MIF that will be uniquely Asian in that it will be employed as an investment vehicle.
That was also targeted by the unrelenting hypocrites who said that changing the nature of the wealth fund exposed the haphazard manner by which it was done and demanded that the initiative be forgotten.
“Going on about the fund, the more we study it, the more it is clear that although the sovereign wealth funds around the world have the same name, they’re all very different,” Marcos told the delegates at the annual business Mecca.
“They’re different in purpose, they’re different in methodology and, of course, they operate in a different context of the law.”
House Bill 6608 proposed that the MIF seed capital be sourced from investible funds of select government financial institutions, contributions of the national government, declared dividends of the Bangko Sentral ng Pilipinas, and other funding sources.
The proposed MIF shall be used to invest on a strategic and commercial basis in a manner designed to promote fiscal stability for economic development and strengthen the top-performing GFIs through additional investment platforms that will help attain the national government’s priority plans, the bill states.
Marcos met with top international chief executives on the sidelines of the WEF on Wednesday to give them a glimpse of the MIF.
He also guaranteed the “professional” management of the money pool.
Marcos said that among the proposals to sustain funding for the MIF is to have it listed on the stock exchange which would allow the public to directly benefit from its expected gains.
Speaker Ferdinand Martin Romualdez said that having the MIF as a catalyst for investments “cannot wait.”
“We passed it in the House. With all due respect, it’s been already filed in the Senate. For all those senators who may have their contrary thoughts, just read the bill and deliberate on it in the Senate and let’s take it from there,” Romualdez said.
The MIF is considered by most of those who listened to BBM as a good idea that will be a good catalyst for economic development if it gets the wide support that the opponents of the administration are trying to block with their baseless allegations.
BBM showing his commitment to realizing the creation of the fund despite the brickbats is deemed a signal of its being a strategic program to spur economic recovery.
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