Despite objections from other parties, President Ferdinand Marcos Jr. signed the bill on Tuesday establishing the Maharlika Investment Fund, which economists believe will promote economic growth.
During a brief ceremony in Malacañang, Marcos signed Republic Act No. 11954. However, a copy of the statute has not yet been given to reporters.
The bill creates the Maharlika Investment Corporation, whose board of directors will be presided over by the finance secretary.
The Palace said the law provides for the establishment of an “independent Maharlika by investing funds, coordinating, and strengthening investment activities of top-performing financial institutions to promote economic growth and social development.”
The Maharlika, according to Marcos, Jr., is a “bold step” in the direction of PH’s economic reform as it recovers from the COVID-19 pandemic, he said in his speech.
Additionally, it would stop the government from incurring debt to pay for infrastructure. Under the Marcos administration, the National Economic Development Authority (NEDA) sanctioned a total of 194 infrastructure projects.
