The Maharlika Investment Fund (MIF), signed into law by President Ferdinand R. Marcos Jr. on Tuesday, will bridge trillions in investible funds and thousands of development projects in the country, according to a Bicolano lawmaker. Albay 2nd District Rep. Joey Salceda said close to PHP19 trillion in the Philippine banking system needs to “go somewhere productive to contribute to the economy.” “The Maharlika Investment Fund is a vehicle to do that – for both the Land Bank (of the Philippines) and the DBP (Development Bank of the Philippines), as well as for other banks,’ Salceda said in a statement. He said the MIF could be a crucial link between funding and development projects. ‘It’s grand-scale matchmaking for development,’ Salceda said. Another Bicolano, Ang Probinsyano Party-list Rep. Alfred Delos Santos, said the MIF will be an additional vehicle to optimize the government’s surplus. “This will significantly expand the country’s fiscal space and alleviate pressures in financing public infrastructure projects, as we typically rely on Public-Private Partnerships or on Official Development Assistance mechanisms,” delos Santos said in a message to reporters. Delos Santos said he embraces the enactment of the MIF as a significant step towards progress and in strengthening the key sectors in the country. “We extend our gratitude to the leadership of President Ferdinand R. Marcos Jr. for his prompt action in making this law a reality, which will pave the way for a brighter future for our nation,” he said. Delos Santos added that they will remain steadfast in implementing measures to a more resilient and prosperous country for all. “Infrastructural projects will be implemented with utmost efficiency, addressing the needs and developments of our people,” he said

Source: Philippines News Agency