Maharlika Investment Fund: Marcos approves Maharlika fund bill
President Ferdinand "Bongbong" Marcos Jr. On July 18, 2023, the 17th President of the Republic of the Philippines, Ferdinand "Bongbong" Marcos Jr., signed the controversial Maharlika Investment Fund (MIF) bill into law. The MIF, also known as the Maharlika Wealth Fund (MWF), is a proposed sovereign wealth fund aimed at benefiting the country's economy and its citizens. The term "Maharlika" is a Sanskrit loanword meaning "man of wealth, knowledge, or ability", fitting for a fund designed to generate wealth for the nation. The signing took place at the Kalayaan Hall of the Malacañan Palace, with members from both the Senate and the House of Representatives in attendance. The MIF, the country's first sovereign wealth fund, will draw resources primarily from the government-run Land Bank of the Philippines (Landbank) and Development Bank of the Philippines (DBP). The fund, totaling P125 billion, will be seeded with P25 billion from DBP, P50 b...