Bongbong Marcos orders review of Maharlika fund for safeguards, says solon
President Ferdinand ‘Bongbong’ Marcos Jr. | PHOTO: Presidential Communications Office
President Ferdinand R. Marcos Jr. has emphasized the need for robust safeguards in the utilization of the Maharlika Investment Fund (MIF), asserting that “good reasons” must underpin its responsible deployment.
This directive from the President has been commended by House Appropriations Committee vice chairperson and Aklan 2nd District Representative Teodorico Haresco Jr., who articulated his support following Marcos’ call for an in-depth examination of the MIF’s implementation.
Haresco lauded Marcos for his dedication to ensuring the integrity of the MIF Act of 2023, characterizing it as a reflection of his stewardship role. “Hindi biro-biro ang pondo, kaya dapat hindi bara-bara ang diskarte.” (Funds are not to be taken lightly, and thus, strategies must be well-considered.”)
Haresco further stressed the importance of prudence when managing financial resources, stating, “In handling money, caution is a virtue, while haste is a vice. Better to be conservative and protect the funds than be audacious and incur losses. If the President did not pull the trigger, then it can only be for good reasons.”
In an official memorandum dated October 12 and signed by Executive Secretary Lucas Bersamin, the Bureau of Treasury (BTr), in collaboration with the LandBank of the Philippines (LBP) and the Development Bank of the Philippines (DBP), were instructed to suspend the MIF Act of 2023 “pending further study.”
The Office of the Executive Secretary, in a statement, clarified that this directive aimed to ensure the establishment of safeguards for the responsible and transparent utilization of the Maharlika fund. The statement read, “President Ferdinand R. Marcos Jr. issued a suspension because he wanted to study carefully the IRR to ensure that the purpose of the fund will be realized for the country’s development with safeguards in place for transparency and accountability.”
As per Republic Act 11954, signed by President Marcos on July 18, the MIF was created to optimize national funds, with the objective of generating returns to support the administration’s economic goals, as articulated in the Medium-Term Fiscal Framework, the 8-point Socioeconomic Agenda, and the Philippine Development Plan 2023-2028.
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