Philippine President Ferdinand Romualdez Marcos on Tuesday signed into law the Maharlika Investment Fund (MIF) Act, establishing the country's first-ever sovereign investment fund.
"For the first time in the history of the Philippines, we now have a sovereign wealth fund designed to drive economic development," Marcos said at the signing ceremony at the presidential palace, stressing the MIF is "a bold step" towards the country's economic transformation.
 |
| A trader monitors the share prices inside the Philippine Stocks Exchange in Makati City, the Philippines, July 11, 2017. (Xinhua/ROUELLE UMALI) |
Budget Secretary Amenah Pangandaman said the newly-created fund is envisioned to be invested in various assets, including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, joint ventures, mergers and acquisitions, real estate and high-impact infrastructure projects, and projects contributing to sustainable development."
Finance Secretary Benjamin Diokno said the MIF will accelerate the country's infrastructure development, create high-quality jobs, attract more foreign investors, and propel the country towards higher growth.
 Act, establishing the country...){kind=link}
Post a Comment