HB06608: MAHARLIKA INVESTMENT FUND ACT OF 2023
This bill establishes the Maharlika Investment Fund (MIF), an independent fund designed to promote economic development, create jobs, and strengthen top-performing Government Financial Institutions (GFIs) through strategic and profitable investments. The fund aims to preserve and enhance its long-term value, achieve optimal returns on investments, and contribute to fiscal stability and social development. Its significance for the people lies in its potential to accelerate job creation, reduce poverty, and fund priority national government plans, particularly in infrastructure, by channeling investable funds into diversified financial assets and developmental projects.
The bill also details the governance structure of the Maharlika Investment Corporation (MIC), the body responsible for managing the MIF, emphasizing transparency and accountability through adherence to international standards and regular audits. Notably, it stipulates that at least 25% of the MIC's net profits will be directly distributed as poverty and subsistence subsidies to families below the poverty threshold, ensuring a direct and tangible benefit to the most vulnerable segments of the population. The establishment of the MIF aims to provide a sustainable and prudent mechanism for managing government resources for the long-term benefit of the Filipino people.