An International Monetary Fund (IMF) team who recently visited the Philippines said the Maharlika Investment Fund could help narrow the
“The Maharlika Investment Corp. could contribute to the push for closing infrastructure gaps and green investments by following best practices in strategic investment management and accountability frameworks,” the IMF team led by S. Jayanath Peiris said after conducting discussions on the Philippine economy for the 2023 Article IV Consultation from Sept. 21 to Oct. 3, 2023.
“On the other hand, a more resilient US economy and a rebound in domestic demand supported by an easing of financial conditions provide upside risks,” the IMF team said. The current account deficit is expected to narrow to 3.0 percent of GDP in 2023 and 2.6 percent in 2024 from 4.5 percent in 2022, supported by lower commodity prices, a pick-up of electronic exports and an acceleration in service exports, the IMF team said.
The renewed emphasis on financing the country’s infrastructure gaps through Public Private Partnerships is well placed and the new PPP Code is welcome in this regard. The reform of the mining fiscal regime and Mining Act provides an opportunity to enact a progressive and unified tax system, and a competitive investment regime.
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