Maharlika Investment Fund may be ''off and running'' in 2024: Diokno
The newly-signed Maharlika Investment Fund law may be "off and running" early next year, Finance Secretary Benjamin Diokno said Tuesday.
During a post-SONA briefing in Pasay City, Diokno said following the signing of Republic Act 11954 or the Maharlika Investment Fund Act of 2023 last July 18, its implementing rules and regulations (IRR) are expected to be completed next month.
"The law says we have 90 days to prepare the implementing rules and regulations but immediately after the approval by the Senate of the bill we started the preparation of the IRR," he said.
"We expect the implementing rules and regulations to be available by mid August or at the latest last day of August or and then we expect this to be organized and appoint people in the right places by around September. So I think the Maharlika will be off and running by early next year," he added.
Diokno said the Maharlika Fund will be used as an additional avenue for funding the 194 priority projects of the government, worth 8.3 trillion pesos.
"At the funding source for this 8.3 (trillion pesos) about 55 percent will be ODA official development assistance, 10% would be through the budget and then 30 percent through public private partnership. But we need these projects done as soon as possible. So the Maharlika Fund will be an additional avenue for funding this 194 and counting because we continue to develop new projects, as I said for the next 20 years," he said.
"The source of funding that Maharlika can provide us and it's a different form, no longer borrowing. It will have less stress on the budget because there will be equity contribution for this Build, Build Program," he added.
Diokno also noted that the sovereign wealth fund will serve as a vehicle for growth of the country.
"As an additional source of funding, the MIF is expected to widen the fiscal space, reduce reliance on official development assistance in funding big-ticket items, and some target investment areas include green and blue projects, rural development, digitalization, sustainable development and healthcare," he said. Robina Asido/DMS
