President Ferdinand R. Marcos Jr. on Thursday, June 22, underscored the importance of appointing good managers of the Maharlika Investment Fund (MIF) as the secret to the sovereign fund’s success.
“The key to the success of any fund, a hedge fund, pension fund, sovereign fund, investment fund is the management,” the President said in a media interview after attending the 85th Anniversary of the Securities and Exchange Commission (SEC) as Company Registrar and Inauguration of the SEC Headquarters in Makati City.
The chief executive said he will immediately sign the proposed measure “as soon as I get it.”
“Am I happy? Well, that is the version that the House and the Senate has passed, and we will certainly look into all of the changes that have been made,” the President said, when asked if he is satisfied with the version passed by Congress.
The President pointed out the importance of the fund being independent from the government and being managed professionally.
“One of the first changes that even I proposed to the House was to remove the President as part of the board, to remove the Central Bank chairman, to remove the Department of Finance because it has to operate as an independent fund, well managed professionally,” the President added.
Marcos said there are quite a few good money managers and financial managers “that we can call upon.”
Senate President Juan Miguel Zubiri signed on Wednesday, June 21, the enrolled copy of the Maharlika Investment Fund Act. The House adopted the Senate’s version last month.
The chief executive also noted that most of the changes that were proposed to the measure and were eventually adopted “really had to do with the safety and the security of people’s pension funds. Doon nag-alala ang tao.”
Last month, the President allayed fears of the public and assured that the government will not use the state pension fund for the MIF.
Under the proposed bill, the MIF shall be used to invest in strategic and commercial activities designed to promote fiscal stability for economic development and strengthen the top-performing government financial institutions through additional investment platforms that will help attain the national government’s priority plans. PND