Quezon Rep. David Suarez has lauded Speaker Martin Romualdez for vigorously pushing the approval of the proposed Maharlika Investment Fund (MIF).
Suarez said that the measure seeking a sovereign wealth fund is expected to further speed up the economic train that the Marcos administration has started running.
The lawmaker noted that the proposal underwent exhaustive review and rigorous plenary discussions and “fortified with safeguards and safety nets to ensure that fund managers will not be able to dip their hands into the fund’s investments.”
“The approval of the bill went through congressional surgery. We made sure that not only is it compliant to local laws but congruent to international standards as well,” Suarez said.
“I am pleased that even members of the House of Representatives who were initially opposing the bill are now co-authors of the final version that was approved by the lower house. That is proof that the measure was well-thought of and sufficiently deliberated upon,” Suarez said.
He added that the public should not be misled into believing that the proposed MIF will be disadvantageous to the public and would benefit only the administration and its allies.
“Our people need more information about the MIF so that they can see that the benefits outweigh the unwarranted fear. This is why I am appealing to all Filipinos to support measure. There are 79 sovereign investment funds from other countries, of which 78 were successful. It is an issue of management and with so many brilliant minds in the Philippines, the Maharlika fund will be successful,” he said.
The House of Representatives overwhelmingly approved the proposed MIF on final reading before it went on a month-long holiday break.
The measure received commendations from reputable financial institutions like International Monetary Fund, the Asian Development Bank and the World Bank as a strong economic program of the Marcos administration.