Recto: Maharlika ‘taking time’ to identify investments

STOCK / FILES

MANILA, Philippines — The country’s first sovereign wealth fund is “taking time” as it has yet to make any investment since it was established in 2023, Finance Secretary and Maharlika Investment Corporation (MIC) Chair Ralph Recto bared on Wednesday.

At the Senate panel on finance’s briefing with country’s economic managers regarding the proposed 2025 national funding, Recto said the Maharlika is actively scouting for investment opportunities at present.

“There is no subsidy in the 2025 National Expenditure Program for Maharlika. Admittedly, it is taking time to identify investments that the Makarlika can make,” said Recto.

“As you know, it is like a start up, we just passed the law last year so they have been in operation for six [or] seven months right now, so it’s like a start up,” he added.

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According to Recto, the MIC was initially provided a start-up amount of P75 billion, adding that the fund is “invested in the treasury” which at the same time earns interest.

“I think they found their office already, they are looking for employees, they are determining pre-packages to be given to the employees of the Maharlika and they are scouting for investments,” he added.

MIC president and chief executive officer Rafel Consing earlier said the Maharlika Investment Fund (MIF) will help boost the country’s economic growth by reducing poverty and creating more jobs.

He particularly noted that the MIF aims to help support and sustain the country’s high economic growth, reduce poverty by creating jobs, and promote sustainable development.

As stated in Republic Act No. 11954, which was signed by President Ferdinand “Bongbong” Marcos Jr. in July 2023,  the country’s sovereign wealth fund will be utilized in terms of investing in assets including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, joint ventures, mergers and acquisitions, real estate, and high-impact infrastructure projects that contribute to the attainment of sustainable development.