Photo Release

February 1, 2023

Escudero grills economic team on MIF: Sen. Francis “Chiz” Escudero quizzes the resource persons to shed light on the purpose and vision of the Maharlika Investment Fund (MIF) which, they said, is expected to stimulate growth and stability in the Philippine economy. During the first public hearing of the Committee on Banks, Financial Institutions and Currencies on MIF Wednesday, February 1, 2023, Escudero asked the following clarificatory questions about the need for a sovereign investment fund: where the investible funds will be sourced from; the rate of the return of investments of those who will contribute to the MIF; what kind of projects will be invested in; where the income of the MIF will be spent at; the effect of a projected global recession on the MIF; the composition of its 15-member board of directors, and possible tax exemptions, among others. Escudero also invited the economic team to help provide answers to the perceived gaps and loopholes in the current version of the proposed bills by submitting their positions and recommendations the soonest possible time. (Voltaire F. Domingo/Senate PRIB)