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Philippines Plans for $4.9 Billion Sovereign Wealth Fund Named Maharlika Investments Fund, $394 Billion GDP with 111 Million Population
1st December 2022 | Singapore
Philippines is planning for a $4.9 billionsovereign wealth fund named Maharlika Investments Fund to invest government reserves & revenues to stabilize national budgets, create savings for their citizens, or promote economic development.The funds will be managed by the Maharlika Investments Corp (MIC).Under the proposed bill, the Maharlika Wealth Fund would initially draw investments from GSIS (P125 billion), SSS (P50 billion), Landbank (P50 billion), DBP (P25 billion) and national government (P25 billion) – Government Service Insurance System (GSIS), Social Security System (SSS), Land Bank of the Philippines (Landbank), and Development Bank of the Philippines (DBP).Philippines is the 4th largest economy in Southeast Asia (Indonesia, Thailand, Singapore, Philippines, Malaysia) with $394 billionGDP (2021) and a 111 million population. (USDPHP 56.39, 1 USD equals 56.39 Peso)
“ Philippines Plans for $4.9 Billion Sovereign Wealth Fund Named Maharlika Investments Fund, $394 Billion GDP with 111 Million Population “
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Philippines House Bill No. 6398 to Create the $4.9 Billion Maharlika Wealth Fund
Philippines
On 28th November 2022, Philippines House Speaker Martin Romualdez filed House Bill No. 6398 to create the Maharlika Wealth Fund.The Philippines inter-agency committee composed of the Department of Finance (DOF), Department of Budget and Management (DBM), National Economic and Development Authority (NEDA), and government financial institutions (GFIs) prepared the bill.
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