Lawmaker: PBBM merely acting as Filipinos’ steward in ensuring safeguards for Maharlika fund

As the steward of the Filipino people, President Ferdinand R. Marcos Jr. can only have “good reasons” to make sure there are safeguards in using the Maharlika Investment Fund (MIF).
This was the remark of House Appropriations Committee vice chairperson and Aklan 2nd District Rep. Teodorico Haresco Jr. after President Marcos wanted the administration to conduct “further study” into the implementation of the MIF.
Rep. Haresco lauded the President for ensuring safeguards in the MIF Act of 2023, saying that “that is the stewardship role expected of him.”
“Hindi biro-biro ang pondo, kaya dapat hindi bara-bara ang diskarte,” the lawmaker from Aklan said in a statement.
“In handling money, caution is a virtue, while haste is a vice.Better to be conservative and protect the funds than be audacious and incur losses. If the President did not pull the trigger, then it can only be for good reasons,” he added.
In an October 12 memorandum signed by Executive Secretary Lucas Bersamin, the Bureau of Treasury (BTr), in coordination with the LandBank of the Philippines (LBP) and the Development Bank of the Philippines (DBP), were directed to suspend the MIF Act of 2023 “pending further study.”
In a statement, the Office of the Executive Secretary said the directive was to make sure that there will be safeguards to ensure the proper use of Maharlika fund.
“President Ferdinand R. Marcos Jr. issued a suspension because he wanted to study carefully the IRR to ensure that the purpose of the fund will be realized for the country’s development with safeguards in place for transparency and accountability,” it said.
Under RA 11954 inked by Marcos on July 18, the MIF is established to optimize national funds by generating returns to support the Marcos administration’s economic goals laid out in the Medium-Term Fiscal Framework, the 8-point Socioeconomic Agenda, and the Philippine Development Plan 2023-2028.