Manila, Philippines – The Maharlika Investment Fund (MIF) could play a pivotal role in boosting economic growth and reducing the national debt.
According to Philippines News Agency, speaking at the Bagong Pilipinas Ngayon briefing, Ricafort emphasized the MIF’s potential benefits in fiscal management, particularly in reducing the need for additional borrowing to finance budget deficits and major infrastructure projects.
In a separate interview, Ricafort elaborated on the economic impact of the MIF, suggesting that every PHP240 billion generated in returns could contribute approximately 1 percent to the country’s economic growth and effectively reduce outstanding debt. However, he stressed the importance of ensuring that funds are directed towards critical infrastructure and other significant projects.
During the briefing, Ricafort also underscored the need for stringent qualifications for members of the Maharlika Investment Corporation (MIC), which will manage the MIF. He advocated for expertise, experience, competence, integrity, and a proven track record in fund management. Ricafort highlighted the specialization required in the global fund management industry, transcending academic qualifications and requiring a talent for generating high returns.
On Monday, President Ferdinand R. Marcos Jr. appointed Rafael Consing Jr. as president and chief executive officer of the MIC. Ricafort praised Consing’s extensive experience, including his roles as former CFO of International Container Terminal Services, Inc. and former treasurer of Aboitiz Group, both infrastructure-related firms.
Addressing concerns about the President’s power to reject recommended appointees, Ricafort expressed confidence that this would not deter potential investors. He emphasized the concept of checks and balances, noting that while appointments originate from the executive branch, the appointees operate independently once they begin their functions.