With the Maharlika fund seen to bankroll 194 flagship projects, Finance Secretary Ben Diokno said some may go beyond the term of President Ferdinand Marcos Jr.
“Some of the projects will not be finished within the president’s term, like the subway that will be finished in 2028, 2029,” Diokno told reporters ahead of Marcos’ second State of the Nation Address on Monday.The finance chief said the government will continue to generate more projects in the coming years to be financed by the Maharlika Investment Fund , recently signed into law.
Without funding from the Maharlika, Diokno explained that around 55% of the projects would be funded by official development assistance, around 10% through the national budget, and around 30% through public-private partnerships. “With Maharlika, meron kaming [we have] additional funding. Most of the projects will be funded through Maharlika, and then we would be able to accomplish more,” he said.
Patterned after the sovereign wealth funds of other countries, the MIF will be tapped for possible investments in agriculture, energy, digitalization, and the fight against climate change, among others. Marcos earlier allayed fears that the Maharlika fund law would be vulnerable to corruption, assuring the public that its “integrity” would be intact.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Diokno: Maharlika fund draws 'a lot of interest' from multilateral institutionsMultilateral lenders, including the IFC of the World Bank and the ADB, have held initial 'talks' with the Philippine government over the setup of its first sovereign wealth fund, but 'no commitments' have yet been made, according to the DOF.
Read more »
Marcos: Maharlika Investments will be free from political influencePresident Ferdinand Marcos, Jr. reiterated during his second State of the Nation Address (SONA) on Monday that government assets that will fund the Maharlika Investment Fund (MIF) will be free from political machinations.
Read more »
Romualdez confident Maharlika fund can pass SC scrutinyHouse Speaker Martin Romualdez is confident about the constitutionality of the recently-enacted Maharlika Investment Fund (MIF) Law.
Read more »
Maharlika fund open to Malaysian investors — RomualdezSpeaker Ferdinand Martin Romualdez said the country would welcome Malaysian investors to the MIF, which seeks to establish a sovereign wealth fund and was signed into law last July 18. | FArgosinoINQ
Read more »
'Race against time': Climate change and the environment a year into Marcos presidencyPresident Ferdinand Marcos Jr. has made all attempts to hit the right points in tackling environmental issues. But did his administration make significant progress during his first year in power?
Read more »