PBBM’s economic managers brief senators on Maharlika Fund
The economic managers of the Marcos administration have started discussing with senators the many issues surrounding the controversial Maharlika Investment Fund (MIF) on Monday night, Jan. 30.
The briefing held at the Senate was done by Finance Secretary Benjamin Diokno, Budget Secretary Amenah Pangandaman, Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla and National Economic Development Authority (NEDA) Chief Arsenio Balisacan.
Formal hearing on the merits of the sovereign fund will be conducted starting on Wednesday, Feb. 1 by the Senate banks committee chaired by Senator Mark A. Villar.
The MIF is a sovereign wealth fund that the government will use to invest in various sectors and instruments like foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, commercial real estate, and infrastructure projects to generate income that can be used for priority programs of the country.
Interviewed today, Villar said the economic managers clarified the issues surrounding the MIF as sought by senators led by Senate President Juan Miguel Zubiri.
Asked what were the concerns in the provisions of the bill, Villar replied: "Marami po mga concerns sa provisions ng bill. Sources of funding kung ano pa yung mga controls at kung san po gagamitin yung funds. So naclarify naman po at sa Wednesday magkakaroon kami ng hearing "(There are many concerns on the provisions of the bill, Sources of funding and what are the controls and where will the funds be used. It was clarified and on Wednesday, we will have a formal hearing)."
"At least now dahil sa briefing at least nagkaron ng clarification (At least, because of the meeting, there are clarifications)," he added.
Villar expressed optimism that senators were able to tackle a lot of issues because the answers of the economic managers were "maganda" (good).
"Of course, we were able to tackle a lot of issues. Mahaba rin yung briefing and many senators attended (The briefing was long and many senators attended. So very productive and i look forward to hearing the bill on Wednesday," he said.