Camarines Sur Representative LRay Villafuerte urged Filipinos to give the proposed Maharlika Investment Fund a try assuring the public that lawmakers will work hard to come up with the “perfect” version of the bill.
“Our people should give it a try and let the Congress come up with a bill acceptable to the people and with the proper safeguards,” Villafuerte appealed to the public.
House Bill (HB) 6608 proposes to mobilize savings from government financial institutions to fund long-term investments.
Investments may be big-ticket infrastructure works and other priority development programs of the government.
“At the end of the day, it’s up to the Congress to really come out with a good measure.”
“At the end of the day, it’s up to the Congress to really come out with a good measure,” the veteran legislator said.
The seasoned lawmaker noted what Asian Development Bank (ADB) Philippine country representative Kelly Bird said.
Bird stressed that a sovereign investment fund can help an economy “deepen” its capital market, and create “a large institutional investor, and that allows mobilization of savings within the economy for long term investments including infrastructure”.
Villafuerte explained that initial reservations over certain features of the MIF bill were quickly addressed with the major changes or amendments made at the House committee level.
He said the House of Representatives version already excluded the GSIS and SSS pension funds from the MIF’s funding source.
“HB 6608 will help President Ferdinand Marcos Jr. deliver on his campaign promise to improve the lives of all Filipinos.”
Villafuerte stressed HB 6608 will help President Ferdinand Marcos Jr. deliver on his campaign promise to improve the lives of all Filipinos.
“I support Malacañang’s wealth investment plan,” he concluded.