THE Philippine Chamber of Commerce and Industry (PCCI) said on Sunday that the Maharlika Investment Fund (MIF) is suitable for employment as a national development fund.
In a statement, the business group said it supports the proposal of Rafael Jose D. Consing, Jr., president and chief executive officer of the Maharlika Investment Corp. (MIC), to use Maharlika fund to support national development projects.
“MIF is in the best position to invest in projects that support economic and social development plans and fulfill priorities under the Philippine Development Plan (PDP),” PCCI President Enunina V. Mangio said.
She added that Maharlika can be used to fund capital-intensive projects in energy, water, transport and information and communications technology sectors, which are critical to the productivity of enterprises.
“Investing in critical sectors drives agriculture and industrial innovation and other important businesses or projects that can enhance efficiency and improve the agriculture and industrial structure, in line with the PDP,” she said.
“The MIF is in the best place to achieve these having the mandate of President Ferdinand R. Marcos, Jr. himself,” she added.
At the first MIC board meeting, Mr. Consing said that the sovereign wealth fund “could potentially invest in the power, agroforestry, industrial, urbanization, mineral processing, tourism, transportation, and aviation sectors.”
Under the law creating the fund, P125 billion in initial capital will be provided by the Land Bank of the Philippines and Development Bank of the Philippines, which will supply P50 billion and P25 billion, respectively.
Meanwhile, the National Government is also being counted on to contribute P50 billion. The authorized capital stock of the MIC is P500 billion. — Justine Irish D. Tabile