13-7-2023 (MANILA) President Marcos is set to sign the Maharlika Investment Fund (MIF) bill into law next week, according to Senate President Juan Miguel Zubiri. The MIF is considered a landmark measure by the administration and was certified as “urgent” by Marcos. The sovereign wealth fund will be used to invest in a wide range of assets, including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, commercial real estate, and infrastructure projects.
Zubiri believes that the MIF will provide more job opportunities for Filipinos due to investments in infrastructure and transportation. The bill’s signing into law is expected to be accompanied by the two-year Estate Tax Amnesty Extension, which is time-sensitive and was also certified as urgent by Malacañang. The extension will extend the period of availing of estate tax amnesty until June 14, 2025, giving more time for Filipinos to settle outstanding estate tax obligations.
The President’s second State of the Nation Address (SONA) on July 24 is expected to discuss the MIF’s signing into law, among other issues. Zubiri and other senators, including the bill’s principal author and sponsor Sen. Mark Villar, were invited to attend the bill signing at Malacañang.
