After almost 13 hours of deliberation, the bill received 19 affirmative votes, one negative vote, and one abstention. The approval comes nearly a week after Philippine President Ferdinand Romualdez Marcos certified the bill as “urgent” at the Senate.
President Marcos expressed his belief that the fund will act as a catalyst for growth by accelerating the implementation of large-scale infrastructure projects that will stimulate economic activity and foster development.
A meeting of the bicameral conference committee will be held on Wednesday to reconcile the versions of the bill from the Senate and the House of Representatives before it is signed into law by President Marcos. The House of Representatives passed a bill on the creation of the Maharlika Investment Fund in December last year.
Senate President Juan Miguel Zubiri stated that the approved Senate version of the bill addresses the need for transparency and accountability in the measure.
The economic managers, led by Finance Secretary Benjamin Diokno, expressed their hope that the bill will be signed into law before President Marcos’ scheduled State of the Nation Address on July 24.
Diokno highlighted that the Maharlika Investment Fund, as the country’s first sovereign investment fund, is designed to promote economic development by strategically and profitably investing in key sectors. He further explained that in the near and medium term, the MIF will expand the country’s fiscal space and alleviate financing pressures for public infrastructure projects.
While the national budget, public-private partnerships, and official development assistance are the Philippines’ main finance mechanisms for infrastructure projects, Diokno emphasized that the MIF will provide an additional avenue for the government to utilize surplus funds that cannot be used under current legal frameworks. The fund will also be open to co-financing with foreign investors and multilateral institutions to facilitate financing for capital-intensive infrastructure projects.
Diokno added that the MIF presents an opportunity to invest in critical infrastructure projects in logistics, telecommunications, and transportation, which will contribute to the future growth potential of the Philippine economy.
