The Maharlika Investment Fund (MIF), also known as the Maharlika Wealth Fund (MWF), is a newly enacted

sovereign wealth fund A sovereign wealth fund (SWF), sovereign investment fund, or social wealth fund is a state-owned investment fund that invests in real and financial assets such as stocks, bonds, real estate, precious metals, or in alternative investments such ...

for the

Philippines The Philippines (; fil, Pilipinas, links=no), officially the Republic of the Philippines ( fil, Republika ng Pilipinas, links=no), * bik, Republika kan Filipinas * ceb, Republika sa Pilipinas * cbk, República de Filipinas * hil, Republ ...

. The MIF is the Philippines' first sovereign wealth fund. It will be allocated across a variety of assets, including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, commercial real estate, and infrastructure projects.The MIF is expected to generate returns that support the government's economic goals, as outlined in the Medium-Term Fiscal Framework, the eight-point Socioeconomic Agenda, and the Philippine Development Plan.

Background

Legislative process

In late November 2022, seven lawmakers in the

Philippine House of Representatives The House of Representatives of the Philippines ( fil, Kapulungan ng mga Kinatawan ng Pilipinas, italic=unset, ''Kamara'' or ''Kamara de Representantes'' from the Spanish language, Spanish word ''cámara'', meaning "chamber") is the lower house ...

, including

Martin Romualdez Ferdinand Martin Gomez Romualdez (, born November 14, 1963) is a Filipino businessman, lawyer and politician serving as the Speaker of the House of Representatives since July 25, 2022. He is also serving as the Representative for the 1st di ...

and

Sandro Marcos Ferdinand Alexander "Sandro" Araneta Marcos III ( , , ; born March 7, 1994) is a Filipino politician who is the House of Representatives of the Philippines, representative of Ilocos Norte's 1st congressional district since 2022, and the eldes ...

, filed House Bill No. 6398, proposing the creation of a

for the Philippines to be known as the Maharlika Wealth Fund (MWF). The fund, if established, would be managed by the Maharlika Investments Corporation (MIC). President

Bongbong Marcos Ferdinand "Bongbong" Romualdez Marcos Jr. ( , , ; born September 13, 1957), commonly referred to by the initials PBBM or BBM, is a Filipino politician who is the 17th and current president of the Philippines. He previously served as a senat ...

has backed the establishment of a sovereign wealth fund, believing that it would be advantageous for the country. After President Marcos certified the bill as urgent, it was passed on its third reading in the lower house, with 279 lawmakers voting in favor of passing the bill. Only six lawmakers voted against:

Gabriel Bordado Gabriel Hidalgo Bordado Jr., also known as Gabby Bordado Jr. (born February 15, 1955), is a Philippine politician and writer. Biography Gabby Bordado Jr. was born in Calabanga, Camarines Sur. He studied at the University of the Philippines at L ...

Camarines Sur Camarines Sur ( bcl, Habagatan na Camarines; tl, Timog Camarines), officially the Province of Camarines Sur, is a province in the Philippines located in the Bicol Region on Luzon. Its capital is Pili and the province borders Camarines Norte and ...

3rd District,

Arlene Brosas Arlene D. Brosas (born October 30, 1976) is a Filipina educator, child rights activist, and politician. She is a member of the Philippine House of Representatives for the 19th Congress and was part of the 18th Congress under the Gabriela Women ...

Gabriela Gabriela may refer to: * Gabriela (given name), a Spanish, Portuguese and Romanian feminine given name * ''Gabriela'' (1942 film), a Czech film * ''Gabriela'' (1950 film), a German film * ''Gabriela'' (1983 film), a Brazilian film * ''Gabriela' ...

party list,

France Castro Francisca L. Castro (born 1966) is a Filipino educator, trade union activist, and politician. She is a member of the Philippine House of Representatives under the Alliance of Concerned Teachers party-list. In Congress, she is among the principa ...

of ACT Teachers party list,

Mujiv Hataman Mujiv Sabbihi Hataman (born September 11, 1972) is a Filipino indigenous people's rights advocate and politician from the indigenous Yakan people of the Sulu Archipelago. He became nationally prominent when he served as the sixth and last regi ...

Basilan Basilan, officially the Province of Basilan ( cbk, Provincia de Basilan; yka, Wilayah Basilanin; tsg, Wilaya' sin Basilan; fil, Lalawigan ng Basilan), is an island province of the Philippines located primarily in the Bangsamoro Autonomous Re ...

Edcel Lagman Edcel Castelar Lagman Sr. (, born May 1, 1942) is a Filipino human rights lawyer and politician from the province of Albay. He was elected as a member of the House in 1987 up to the present. He served as Minority Floor Leader of the House of Re ...

Albay Albay,