PBBM says sovereign fund design must support critical infra projects

By Vince Lopez and Macon Ramos-Araneta

THE Palace will now look at the structure of the Maharlika Investment Fund (MIF) bill passed by Congress on Wednesday before it is signed into law to ensure that "necessary infrastructure" projects, including energy development goals, would be funded by proceeds of the fund.

“It’s so that we, the Philippines, can participate in what would be, what is regarded, of course, as an investment for us. It is necessary infrastructure that we are investing in (through the MIF),” President Ferdinand Marcos Jr. said Thursday.

“So, that is the plan for the sovereign fund. We now have to go and look at the design or the structuring of the fund. But it is basically seen as our government participation in projects that, mostly, it will really be in the Philippines,” he added.

This developed as the Japan Bank for International Cooperation (JBIC) expressed interest in investing in the Maharlika Fund as it seeks partnerships with Philippine companies for energy development.

JBIC Chairman of the Board Tadashi Maeda expressed this during a courtesy call on President Marcos in Malacañang on Wednesday.