Sandro Marcos defends Maharlika Investment Fund

Presidential son and Ilocos Norte 1st District Rep. Ferdinand Alexander "Sandro" Marcos has backed the Maharlika Investment Fund (MIF) proposal, stating that previous administrations have recommended it. Sandro said Monday that previous presidents Benigno "Noynoy" Aquino III, Rodrigo Duterte, Finance Secretary Benjamin Diokno, and former senator Bam Aquino considered and proposed a similar bill. "Well, this isn't a new idea if you think about it. Sec. Diokno already said they were looking at it during the time of Duterte. If I'm not mistaken, former senator Bam Aquino filed a bill in 2016 trying to do the same thing; my guess is it was not passed because the administration of former president PNoy was about to end at that time. I believe Senator JV (Ejercito) also filed a bill; it's not a new idea," he said. "Yes, it became apparent that the President was in support of creating a sovereign wealth fund, but it didn't — the idea did not come from him per se because this is something that has been in the works or something that has been pushed by not even this administration but administrations past, before," he added. Sandro said they are lucky that the bill proposing an SWF was filed early into the administration. "It just so happens that we are lucky to discuss this at the start of the administration, so we have six years to hopefully be able to craft a piece of legislation that would see out and go beyond the President's term," he noted. The younger Marcos and other House of Representatives legislators, notably Leyte 1st District Rep. Ferdinand Martin Romualdez and Marikina 2nd District Rep. Stella Quimbo, filed House Bill No. 6398 to form the MIF. The Maharlika Investment Fund is a proposed pooled fund the government can use to invest locally and abroad. Some lawmakers questioned and criticized the proposal's necessity amidst the significant demand for social help, consecutive budget deficits, and trillions of debt. BKM/ Expat Media
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