RA11954: AN ACT ESTABLISHING THE MAHARLIKA INVESTMENT FUND, PROVIDING FOR THE MANAGEMENT, INVESTMENT, AND USE OF THE PROCEEDS OF THE FUND, AND FOR OTHER PURPOSES
Republic Act No. 11954, also known as the "Maharlika Investment Fund Act of 2023," establishes the Maharlika Investment Fund (MIF) and the Maharlika Investment Corporation (MIC) to manage and invest national funds. The primary policy of the State in creating this fund is to generate, preserve, and grow national wealth, create jobs, promote trade and investments, foster technological transformation, strengthen connectivity, expand infrastructure, and achieve energy, water, and food security. The MIF aims to achieve socioeconomic development by making strategic and profitable investments in key sectors, ensuring long-term value, optimal returns, and financial gains.
The law is significant for the Filipino people as it seeks to promote economic growth and accelerate job creation through the optimized use of government financial assets. By investing in critical areas such as infrastructure development, health, education, research, and innovation, the MIF is intended to contribute to a lower cost of living and basic commodities. The Act also emphasizes transparency and accountability through adherence to Santiago Principles, regular reporting to a Joint Congressional Oversight Committee, and public accessibility of documents, aiming to ensure prudent management of government resources and beneficial impact on the welfare of Filipinos.