DoF: Maharlika Investment Fund won't get budget next year

Department of Finance (DoF) Secretary Ralph Recto on Wednesday disclosed that the Maharlika Investment Fund will not yet receive any government subsidies for next year since it has not made any investments nearly a year after it was set up.

Speaking at the Development Budget Coordinating Committee's (DBCC) budget hearing, Recto admitted that the country’s first sovereign wealth fund is currently “taking time” to find any investment opportunities.

"There is no subsidy in the 2025 National Expenditure Program for Maharlika. Admittedly, it is taking time to identify investments that the Makarlika can make,”  Recto said. “As you know, it is like a start-up, we just passed the law last year so they have been in operation for six [or] seven months right now, so it’s like a startup.”

Recto stressed that the Maharlika Investment Corporation (MIC) has found an office already and is looking for employees, adding that they're already determining the pay packages to be given to the employees of the Maharlika while scouting for investments.

The DoF chief also said the MIC was given P75 billion to start and is “invested in the treasury” and earns interest.

Meantime, MIC president and CEO Rafael Consing said the Maharlika Investment Fund (MIF) will reduce poverty and create jobs to enhance economic growth, stressing that it supports rapid economic growth, reduces poverty by providing jobs, and promotes sustainable development.