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Romualdez, Marcos file bill to establish Maharlika Investments Fund (MIF)

Ilocos Norte Representative and House Senior Deputy Majority Leader Sandro Marcos has teamed up with House Speaker Ferdinand Martin Romualdez in creating a bill establishing a sovereign wealth fund (SWF) for the Philippines.

Under House Bill 6398, state-owned investment funds typically financed by a country’s surplus revenues or reserves will be used as investments to stabilizing national budgets, creating savings, or promoting economic development.

According to the Politikos, the funds for the proposed Maharlika Investments Fund (MIF) will be sourced primarily from contributions from the Government Service Insurance System (GSIS), Social Security System (SSS), Land Bank of the Philippines (Land Bank), and Development Bank of the Philippines (DBP).

An initial investment of P250 billion was also proposed, with P125 billion coming from GSIS, P50 billion from SSS, P50 billion from Landbank, and P25 billion from DBP.