Now that the recently ratified Maharlika Investment Fund (MIF) Act is about to be a law, Senator Imee Marcos assured that Congress has the oversight function that allows it to investigate or even stop its implementation if it fails.
She said President Ferdinand R. Marcos Jr. also gave her the assurance that MIF has enough safeguards.
“Magiging batas na siya. Suportahan na lang natin ang administrasyon na maituwid ‘yan, ayusin. At kung may kapalpakan, meron naman tayong oversight function. Pwede naman nating tingnan, ipahinto, at imbestigahan (It is about to be a law. Let us support the administration in its implementation. If it fails, we have an oversight function. We can look into it, stop it, or investigate it),” Marcos said during a press briefing on Friday after leading the distribution of aid for indigent residents of Alangalang, Dagami, and Albuera towns in Leyte province.
She said the President has confidence in his economic managers lead it.
“So, let’s see how it works,” Marcos said.
The MIF Act is set to be transmitted to Malacañang for the President’s signature after it was signed by Senate President Juan Miguel Zubiri on Wednesday.
Certified as “urgent” by the President, the MIF bill establishes a sovereign wealth fund that will be used to invest in a wide range of assets, including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, commercial real estate and infrastructure projects to help promote economic development.
Finance Secretary Benjamin Diokno said the MIF will reinforce the Marcos administration’s economic goals under the Medium-Term Fiscal Framework and the 8-point Socioeconomic Agenda, which has the full backing of Congress.
The President said he understands the public sentiments against the use of pension funds as seed money for MIF but he said focus should be on proper management.
“Perhaps, we are looking in the wrong direction. The key to the success of any fund — a hedge fund, pension fund, sovereign fund, investment fund — is the management,” Marcos said during the Securities and Exchange Commission’s 85th anniversary celebration in Makati City on Thursday. (PNA)