League of local government backs Maharlika fund

MANILA, Philippines — The Union of Local Authorities of the Philippines (ULAP) has expressed support for the controversial Maharlika Investment Fund (MIF) as it vouched for inclusive and sustainable development in the country following the pandemic.

ULAP, the umbrella organization of all leagues of local government units, said that it sees the Maharlika fund as a “key strategy” for economic progress.

It sees the fund as strictly adhering to the “principles of good governance, transparency and accountability” to achieve development at the local level.

“With the transparency and accountability provisions inscribed in House Bill No. 6608 and the assurance that all necessary safeguards are put in place to protect the interests of the Filipino people, ULAP supports the passage of the bill establishing the Maharlika Investment Fund,” ULAP said in a statement.

The organization said that a sovereign wealth fund could help support local economies and drive the growth of provinces, cities, municipalities and barangays in the country.

ULAP said that it will also finance overdue infrastructure projects, such as in agriculture, renewable energy, housing, transport and internet connectivity, similar to what other countries have done.

It noted that Singapore, Norway, Abu Dhabi and China have their respective state sovereign wealth funds that drive capital and accelerate their nation’s economic growth.

It highlighted key aspects of the bill promising that the funds will “reap optimal returns on investments, while contributing to the overall goal of reinvigorating job creation and poverty reduction by steering the economy back to its high-growth path.”