President's Message at SONA: MIF to Focus on Economic Gains Only

In his second State of the Nation Address (SONA), President Ferdinand R. Marcos Jr. has given assurance that the Maharlika Investment Fund (MIF), a venture initiated by the national government, would be devoid of any political influences. He emphasized the role of internationally recognized economic managers in steering the MIF toward sound financial management.

“Committing ourselves to transparency and accountability, we ensure that investment decisions taken under the MIF are based on financial considerations alone, free from any political influence,” said Marcos during his 71-minute long address at the Batasang Pambansa.

Maharlika Investment Fund and it's Economic Potential

President Marcos drew attention to the economic benefits that the MIF promises. The fund, which was signed into law by Marcos just last week, is designed to help the government pursue high-priority projects without adding to the nation's debt.

By consolidating a small yet significant proportion of underutilized government funds, the MIF aims to generate high-impact and profitable investments, including the Build Better More program. Marcos stated, “The profits derived from the fund will be reinvested to enhance the country's economic well-being.”

Legislative Changes Requested in Light of the Maharlika Investment Fund

The president urged lawmakers to endorse a new government procurement law and a fresh government auditing code. Marcos believes the current laws need to be modified to reflect changing times and make the government more effective and transformative.

He mentioned that proposed amendments to the Government Procurement Reform Act (GPRA), which is now 20 years old, would help government agencies to better utilize their budget. Budget Secretary Amenah F. Pangandaman added that the current law is too stringent and suggested that amendments could include a provision for digitalization and green procurement.

In addition to this, the government auditing code, established by Marcos Jr.s father, former President Ferdinand E. Marcos in 1978, is now about 45 years old and is ripe for an update.

Finance Secretary Commends President's Vision and Efforts

Finance Secretary Benjamin E. Diokno lauded Marcos Jr.s SONA, describing it as a fitting report of the accomplishments made by the current administration over the past year.

“The economic team is proud of what we‘ve achieved so far and we’re determined to work even faster and harder in the next 5 years so that our economic gains are felt by all Filipinos,” Diokno tweeted from his verified Twitter account after the SONA.

Diokno is committed to attracting strategic investments from domestic and foreign enterprises. He also revealed that more economic reforms are in the pipeline, particularly regarding tax measures. He noted, “This is a marathon, not a sprint. And while were miles away from our destination, the work towards a more resilient and prosperous economy continues.”

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