Maharlika Investment Fund Act of 2023 Signed into Law

New Investment Corporation Established

Progressing Development in the Philippines

MANILA, Philippines (Jun 1 2023 826 AM PHT) - Landmark legislation aimed at boosting economic development in the Philippines has been enacted into law. The Maharlika Investment Fund (MIF) Act of 2023, signed by President Ferdinand Marcos Jr. on Thursday, will establish a sovereign wealth fund managed by the newly created Maharlika Investment Corporation (MIC).

The MIC, capitalized with an initial investment of 200 billion Philippine pesos (approximately $3.6 billion), will invest in strategic industries, infrastructure projects, and other initiatives that contribute to national development.

The establishment of the MIF has been a key legislative priority for the Marcos administration, which has emphasized the need for greater investment in the country's growth and development. The bill's passage through Congress was met with both support and controversy, but ultimately garnered enough votes to become law.

According to the Department of Finance, the MIF is expected to play a significant role in attracting foreign investment, generating employment opportunities, and driving economic growth. It is modeled after similar sovereign wealth funds established in other countries, such as the Government of Singapore Investment Corporation (GIC) and the Abu Dhabi Investment Authority (ADIA).