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Philippines suspends implementation of sovereign wealth fund


Philippines President Ferdinand Marcos Jr. has temporarily halted the execution of the Maharlika Investment Fund (MIF) to further review its implementing rules and regulations and to ensure transparency and accountability. The suspension comes after challenges to the fund’s legality were raised last month before the Supreme Court. Critics claim the fund was not constitutionally enacted and bypassed standard legislative procedures. Furthermore, concerns about the fund’s economic viability and potential threats to the central bank’s independence have been voiced. Rep. Edcel Lagman criticised the rapid enactment of the MIF, pointing out that contributions from the LBP and DBP severely depleted their resources. The controversial MIF Act, signed on July 18, has yet to see any foreign investors coming forward to support it.

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