Marcos Admits He Proposed Maharlika Wealth Fund

Pres. Marcos pushes for PH interest at ASEAN-EU summit – Philippine Information Agency (PIA)

MANILA, Philippines — President Ferdinand “Bongbong” Marcos Jr. has revealed that he was the one who initially proposed the Maharlika Investment Fund (MIF), or House Bill No. 6398.

Once the bill is approved, the MIF would be eligible to receive seed cash from government banks as well as the Bangko Sentral ng Pilipinas (BSP), which it will use to invest in high-priced national development projects and other assets.

When Marcos was on his way to Belgium to attend the Association of Southeast Asian Nations-European Union Commemorative Summit from December 12 to 14, he told reporters that he supports the proposed sovereign wealth fund and stated that he was the one who initially floated the concept of establishing an MIF.

“It’s very clear that we need added investment. This is another way to get that.”

PRESIDENT FERDINAND “BONGBONG” MARCOS JR. 

Marcos also believes MIF will be “advantageous” for the Philippines.

MIF requested an initial investment of P250 billion from the Government Service Insurance System (GSIS), the Social Security System (SSS), the Land Bank of the Philippines, and the Development Bank of the Philippines, as well as a P25 billion national government allocation.

Senators, legislators, and economists have criticized the MIF for lacking adequate management controls and potentially subjecting pensioners to greater risks.

The bill’s authors include several members of Congress, including the president’s own family: Senior Deputy Majority Leader and President Marcos’s son Sandro Marcos, presidential cousin Speaker Martin Romualdez, and Tingog Party List Representative Yedda Romualdez.

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