House Speaker Martin Romualdez seized the opportunity Wednesday afternoon, June 21, to highlight the proposed Maharlika Investment Fund (MIF) before members of the American Chamber of Commerce in the Philippines (AmCham). This, as the proposed Philippine sovereign wealth fund is believed to be just a few days away from being signed into law by President Ferdinand "Bongbong" Marcos Jr. “Among the measures that both Houses approved was the Maharlika Investment Fund Bill, which seeks to create the country’s first-ever sovereign investment fund. This is designed to promote economic development by making strategic and profitable investments in key sectors including public road networks, tollways, green energy, water, agro-industrial ventures, and telecommunications,” Romualdez told American businessmen in his speech. The measure is expected to become a major source of funds for the Marcos administration’s big-ticket infrastructure projects. Romualdez said that the MIF was just one of 33 Marcos priority measures that the House of Representatives approved on third and final reading during the first regular session of the 19th Congress. There are 42 priority measures in all. It was reported Wednesday that the enrolled bill of the MIF had been signed by the House of Representatives and Senate--the final step before it reaches the President’s desk. Romualdez was AmCham’s guest of honor and speaker for the group's June General Membership Luncheon Meeting at Fairmont Hotel in Makati City. In the same speech, the House leader said that the Filipino lawmakers were "committed to creating an environment that fosters economic growth and attracts investments". “As Speaker of the House of Representatives, it is my duty to promote policies that enhance the growth and prosperity of our nation, and I believe that our partnership with the American business community is vital to achieving these goals,” he said. Romualdez, Leyte's 1st district representative, said that the partnership between the executive and the legislative branches of government has resulted in a comprehensive legislative agenda that focuses on key sectors crucial for our nation's development. “To further support economic growth, we will prioritize the passage of measures that improve our business environment. We recognize the need for tax reforms that promote simplicity, fairness, and competitiveness. We will also work towards easing regulatory burdens and enhancing transparency to create a more business-friendly climate that attracts both local and foreign investors,” he added.
Source: Manila Bulletin (https://mb.com.ph/2023/6/21/speaker-romualdez-highlights-soon-to-be-enacted-mif-in-speech-at-am-cham-event)
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