Philippine Structural Transformation - With or Without Maharlika

• Main Authors: Felipe, Jesus, Sauler, Mariel Monica R., Largoza, Gerardo L., Dacuycuy, Lawrence B., Cabuay, Christopher James R., Alinsunurin, Jason P, Inocencio, Arlene B., Lamberte, Albert E., Cabiltes, Natasha Amber Y.
• Format: text
• Published: Animo Repository 2023
• Subjects: Philippines; Maharlika Fund; Investments; Growth and Development; Political Economy; Public Economics
• Online Access: https://animorepository.dlsu.edu.ph/res_aki/168; https://animorepository.dlsu.edu.ph/context/res_aki/article/1167/viewcontent/2023_07_005_AKI_SOE_MIF.pdf
• Institution: De La Salle University

It appears the Maharlika Investment Fund (MIF) is a fait accompli. As we write, our finance officials are in New York and Toronto, pitching the MIF to international bankers and representatives of Middle East sovereign wealth funds. This means once President Marcos, Jr. affixes his signature, a newly-created Maharlika Investment Corporation (MIC) will pool, before the year is over, PhP 75 billion in seed capital from the LandBank and Development Bank of the Philippines. With a further PhP 50 billion plus two full years of dividends from the Bangko Sentral ng Pilipinas (BSP), its nine directors, all presidential appointees, will be able to invest in tradable commodities, overseas instruments, and local development projects to earn dual bottom line returns — financial and social — for the country.