Philippines Launch of $9.1 Billion Sovereign Wealth Fund Maharlika Investment Fund to be Delayed Till End of 2023, $394 Billion GDP with 111 Million Population
21st October 2023 | Hong Kong
Philippines launch of the $9.1 billion sovereign wealth fund Maharlika Investment Fund is delayed till the end of 2023. On 18th October 2023, Philippine Executive Secretary Lucas Bersamin issued a statement of Philippine President Ferdinand R. Marcos Jr suspending the fund launch. On 19th October 2023, Philippine President Ferdinand R. Marcos Jr was quoted saying they are committed to have the fund operational by the of 2023. In July 2023, Philippines signed the law (MIF Bill, 18/7/23) to create a $9.1 billion (P500 billion) sovereign wealth fund named Maharlika Investments Fund, with the fund to be managed by a 9 member team chaired by an independent director. 75% of the $9.1 billion (P500 billion) Maharlika Investments Fund will be allocated to government related agencies and 25% will be allocated to government related agencies, reputable private financial institutions and corporations. On 18th July 2023, Philippines President Ferdinand R. Marcos Jr. signed the Senate Bill No. 2020 and House Bill No. 6608, establishing the Maharlika Investment Fund (MIF). Philippines is the 4th largest economy in Southeast Asia (Indonesia, Thailand, Singapore, Philippines, Malaysia) with $394 billion GDP (2021) and a 111 million population. More info below (USDPHP 54.73, 1 USD equals 54.73 Peso)
” Philippines Launch of $9.1 Billion Sovereign Wealth Fund Maharlika Investment Fund to be Delayed Till End of 2023, $394 Billion GDP with 111 Million Population “
Philippines Creates $9.1 Billion Sovereign Wealth Fund Named Maharlika Investment Fund, $394 Billion GDP with 111 Million Population
21st July 2023 – Philippines has signed the law (MIF Bill, 18/7/23) to create a $9.1 billion (P500 billion) sovereign wealth fund named Maharlika Investments Fund, with the fund to be managed by a 9 member team chaired by an independent director. 75% of the $9.1 billion (P500 billion) Maharlika Investments Fund will be allocated to government related agencies and 25% will be allocated to government related agencies, reputable private financial institutions and corporations. On 18th July 2023, Philippines President Ferdinand R. Marcos Jr. signed the Senate Bill No. 2020 and House Bill No. 6608, establishing the Maharlika Investment Fund (MIF). Philippines is the 4th largest economy in Southeast Asia (Indonesia, Thailand, Singapore, Philippines, Malaysia) with $394 billion GDP (2021) and a 111 million population. (USDPHP 54.73, 1 USD equals 54.73 Peso)
Philippines Plans for $4.9 Billion Sovereign Wealth Fund Named Maharlika Investments Fund, $394 Billion GDP with 111 Million Population
1st December 2022 – Philippines is planning for a $4.9 billion sovereign wealth fund named Maharlika Investments Fund to invest government reserves & revenues to stabilize national budgets, create savings for their citizens, or promote economic development. The funds will be managed by the Maharlika Investments Corp (MIC). Under the proposed bill, the Maharlika Wealth Fund would initially draw investments from GSIS (P125 billion), SSS (P50 billion), Landbank (P50 billion), DBP (P25 billion) and national government (P25 billion) – Government Service Insurance System (GSIS), Social Security System (SSS), Land Bank of the Philippines (Landbank), and Development Bank of the Philippines (DBP). Philippines is the 4th largest economy in Southeast Asia (Indonesia, Thailand, Singapore, Philippines, Malaysia) with $394 billion GDP (2021) and a 111 million population. (USDPHP 56.39, 1 USD equals 56.39 Peso)
Philippines House Bill No. 6398 to Create the $4.9 Billion Maharlika Wealth Fund
On 28th November 2022, Philippines House Speaker Martin Romualdez filed House Bill No. 6398 to create the Maharlika Wealth Fund. The Philippines inter-agency committee composed of the Department of Finance (DOF), Department of Budget and Management (DBM), National Economic and Development Authority (NEDA), and government financial institutions (GFIs) prepared the bill.
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