PCCI says MIF can develop energy, water sectors
The Philippine Chamber of Commerce and Industry (PCCI) announced its support for the use of the Maharlika Investment Fund (MIF) as a national development fund as declared by Maharlika Investment Corporation (MIC) Head Cesar Consing, stating the fund's potential to facilitate development in capital-intensive sectors such as energy and water.
In a statement on Jan. 14, PCCI President Enunina V. Mangio said that the MIF is “in the best position to invest in projects that support economic and social development plans,” highlighting energy and water infrastructure projects, as well as transportation and information, communication, and technology (ICT) projects.
The business group described these segments as “critical to the productivity of enterprises and industries and the country's sustained growth.”
"Several parts of the country have been facing severe shortages in electricity and there has been questions on where to get power supply that are reliable enough for our growing economy," said Mangio.
She also urged the national government to quickly complete its pending power development projects, along with management of water systems and proper harvesting of rains and wastewater for the benefit of residences, commercial establishments, industrial facilities, and the agriculture sector.
Moreover, Mangio said transportation and ICT projects aligned with agriculture and tourism may also help generate more jobs in rural parts of the country.
"Investing in critical sectors drive agriculture and industrial innovation and other important businesses or projects that can enhance efficiency and improve the agriculture and industrial structure, in line with the PDP. The MIF is in the best place to achieve these having the mandate of President Bongbong Marcos himself," she stated.
The MIF is the country's first sovereign wealth fund, established through the passage of Republic Act
No. 11954 or the "Maharlika Investment Fund Act of 2023."
According to the Department of Finance (DOF)'S MIF website, the fund aims to "stimulate the country’s economic growth and social development by optimizing the use of government financial assets, promoting their intergenerational management, and advancing developmental objectives."