A new version of the proposed Maharlika Investment Fund may eventually open it up to foreign investors, including reputable multilateral institutions, to make it more “private sector-driven,” Diokno said. | JMAurelioINQ Philbizwatcher
The Indonesian government jump-started INA with an initial capital of $5 billion and based on the latest reports, it had raised $25.5 billion since it was created in 2021.At the WEF meeting, Marcos identified infrastructure development under his “Build, Better, More” flagship program as the pinnacle of his administration’s vision for an “equitable, prosperous and resilient” Philippines by 2040, while recognizing the private sector’s critical role in realizing its goals.
Bernardo, who was finance undersecretary during the Ramos administration, had said the balance would be best taken up by multilateral organizations like the Asian Development Bank, International Finance Corp., Asian Infrastructure Investment Bank and private investors.This could allow the government to multiply the size of the MIF from just P100 billion. At the same time, Bernardo had said that the willingness of multilateral lenders to invest could be a gauge of whether MIF was a good idea.
“After that, there will be an initial public offering, so it won’t be a GOCC anymore. It will be a listed company in the Philippine stock market,” he said in the ANC interview.There would then be “greater room for private sector participation due to the initial public offering and the private sector majority ownership” in the latest version of the MIF, he told the Inquirer.
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