PRESIDENT Ferdinand R. Marcos Jr. on Monday assured the public that the investments by the national government under the Maharlika Investment Fund (MIF) would be “absent” of “any political influences.”
In his second State of the Nation Address (SONA), Marcos emphasized that a group of “internationally recognized” economic managers will oversee the MIF to “ensure sound financial management” of the fund.
“Guided by the principles of transparency and accountability, this guarantees that investment decisions will be based on financial considerations alone, absent any political influence,” Marcos said in his 71-minute long speech at the Batasang Pambansa.
Marcos also reiterated the economic benefits promised by the MIF, which he signed into law last week. He maintained that the MIF allows the government to pursue “high-priority projects” without the “added debt burden.”
“In pooling a small fraction but considerable underutilized government funds, the [MIF] shall be used to make high-impact and profitable investments such as the Build Better More program.
The gains from the fund shall be reinvested into the country’s economic well-being,” he said.
Marcos called on the lawmakers to support the passage of a “new” government procurement law as well as a “new” government auditing code.
The chief executive argued that the two existing laws must be changed to become “more attuned” to the “changing times.” He noted that amendments to the aforementioned legislations would allow the government to be “more effective” and “more transformative.”
The Department of Budget and Management (DBM) is pushing for the amendment of the 20-year-old Government Procurement Reform Act (GPRA) as it would “help government agencies utilize their budget efficiently.”
Budget Secretary Amenah F. Pangandaman earlier said the current procurement law is “too stringent.” Pangandaman noted that certain amendments to the procurement law could be the inclusion of a provision on the use of digitalization as well as “green” procurement.
Meanwhile, the government auditing code is now about 45 years old. The current government auditing code was created by no less than the father of Marcos Jr., former President Ferdinand E. Marcos in 1978 by virtue of Presidential Decree No. 1445.
‘Marathon, not a sprint’
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 said in a series of tweets using his verified Twitter account on Monday after the SONA.
Diokno vowed that the economic managers would “continue to attract strategic investments” from domestic and foreign enterprises.
He also emphasized that “more” economic reforms are in the pipeline, particularly on the tax measures front.
“This is a marathon, not a sprint. And while we’re miles away from our destination, the work towards a more resilient and prosperous economy continues,” Diokno said.