DOF launches Maharlika Fund microsite
The Marcos Administration through the Department of Finance (DOF) has launched a microsite for the controversial Maharlika Investment Fund (MIF) following its signing into law by President Ferdinand Marcos Jr.
In a Facebook post, the Presidential Communications Office announced the creation of the microsite urging the public to visit and explore the site for the updates and information they need to know regarding MIF.
The microsite contains press releases, statements, videos, and photos related to the MIF and the law that brought it into existence.
Moreover, the site includes a joint statement from economic managers explaining the rationale for creating the wealth fund and emphasizing its role as a “vehicle for economic growth.”
Last Tuesday, July 18, President Marcos signed into law Republic Act. No 11954, the bill which established the MIF.
"For the first time in the history of the Philippines, we now have a sovereign wealth fund (SWF) designed to drive economic development," Marcos said in his speech during the signing, which took place six days before his second State of the Nation Address, and about seven months after the idea was first floated at the House of Representatives.
Meanwhile, DOF Secretary Benjamin Diokno said in an interview with reporters over the weekend that he is willing to hold an “in-depth” discussion on MIF after a survey by Social Weather Stations (SWS) released last July 6 showed that Filipinos were divided on the new law, while many of those surveyed said they don't know enough about it.
“Mabuti naman na ina-admit na di nila maintindihan. Mahirap siya intindihin. I suggest now that its available, you read it,” he said.
He also emphasized that there was "so much distrust" in MIF.
“But we can live with it… I’m willing to be interviewed in-depth kahit ilang oras," he stated.
The SWS survey conducted on March 26-29, 2023 found that 20% of adult Filipinos said they have at least partial but sufficient knowledge about the MIF. On the other hand, 33% said they have only a little knowledge about the MWF, while the plurality 47% said they have almost no knowledge or no knowledge at all.