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Marcos: Maharlika being made near-perfect, ideal

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The establishment of the Maharlika Investment Fund is “proceeding apace” as the measure is just being improved to make it “as close to perfect and ideal as possible,” President Marcos said yesterday as he denied putting it on hold when he announced its suspension in a memorandum he issued earlier.

“I was a bit alarmed by the news reports early this morning that I read in the newspapers, that we have put the Maharlika Fund on hold. Quite the contrary,” the President told reporters at the Villamor Air Base shortly before his departure for Saudi Arabia.

The memorandum was addressed to Bureau of the Treasury officer-in-charge Sharon Almanza, Land Bank of the Philippines president and chief executive officer Lynette Ortiz, and Development Bank of the Philippines president and CEO Michael de Jesus. Sen. Risa Hontiveros, a member of the opposition, said the law is “beyond repair” and that the Philippines is not yet ready to support a wealth fund.

According to Marcos, consultations have been made not only with economic managers but also with other concerned individuals. A pet measure of the administration, the Maharlika Investment Fund Act or Republic Act 11954 was signed into law last July 18 while its IRR was issued on Aug. 28. The law’s enactment is seen to hasten the implementation of 194 infrastructure projects approved by the National Economic and Development Authority.

Source: News Formal (newsformal.com)

 

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