Three Japanese private firms made substantial commitments to the proposed Maharlika Investment Fund (MIF), President Ferdinand R. Marcos Jr. said on Sunday.

“We have some commitments but I don’t think it’s appropriate for me to name who they are. But they have – there were already three commitments, substantial amounts that they are willing to invest in the fund. So we can begin there,” President Marcos said during a media interview aboard PR 001 en route to Manila from Japan.

Asked by reporters if there are government financial institutions committing to the fund, Marcos said there’s a mix of pledges both from the government and the private sectors.

The MIF is seen to bolster economic activity and provide funding for critical infrastructure projects in the country.

The proposed sovereign wealth fund was introduced to the world stage by the government during the President’s attendance in the World Economic Forum (WEF) in Davos, Switzerland last month.

House Bill (HB) No. 6608 or the Maharlika Investment Fund Act (MIF), is an independent fund that adheres to the principles of good governance, transparency, and accountability and shall be sourced from the investible funds of select government financial institutions (GFIs), from contributions of the national government, declared dividends of the Bangko Sentral ng Pilipinas (BSP), and other sources of funds.

Under the proposed measure, the fund shall be used to invest on a strategic and commercial basis in a manner designed to promote fiscal stability for economic development and strengthen the top-performing GFIs through additional investment platforms that will help attain the national government’s priority agenda. #