MANILA — President Marcos is set to sign into law next week the Maharlika Investment Fund (MIF) bill, which his administration considers as a landmark measure, Senate President Juan Miguel Zubiri said yesterday.
Zubiri said the Presidential Legislative Liaison Office (PLLO) informed him of the President’s July 18 schedule of signing the MIF.
The Senate president said he and other senators, including Sen. Mark Villar, the principal author and sponsor of the MIF bill, were invited to attend the signing of the bill at Malacañang.
Aside from the MIF bill, Marcos will simultaneously sign the two-year Estate Tax Amnesty Extension, which is expected to be included among the issues that will be discussed in his second State of the Nation Address (SONA) on July 24, according to Zubiri.
He said that with its signing into law, the MIF could be implemented this year.
Certified as “urgent” by Marcos, the MIF is a sovereign wealth fund that will be used to invest in a wide range of assets, including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, commercial real estate and infrastructure projects.
Zubiri is hopeful that the MIF will provide more jobs and opportunities for Filipinos because of the investments that will be made in infrastructure and transportation.
“The Maharlika bill is a priority measure, and the Estate Tax Amnesty Extension is very time-sensitive. Many are waiting for these bills,” he said earlier.
The Estate Tax Amnesty Extension will extend the period of availing of estate tax amnesty by two years or until June 14, 2025. This is the second extension of the amnesty, which was first extended from 2021 to 2023. It expired last June 14.
Malacañang had also certified the measure as urgent. (philstar)
