DFA: Maharlika Fund likely to be promoted during Marcos' Malaysia state visit

The Maharlika Investment Fund is expected to be raised during President Ferdinand "Bongbong" Marcos Jr.'s state visit to Malaysia next week, the Department of Foreign Affairs (DFA) said on Friday.

"Yes, it's very safe to presume and assume. It's pretty safe to assume that it (MIF) will maybe raised and promoted during this visit," said DFA spokesperson Teresita Daza at a Palace briefing when asked if the MIF would be tackled during Marcos' meeting with Malaysian business leaders.

Marcos signed the MIF into law on July 18. The MIF will tap state assets for investment ventures to generate additional public funds.

Republic Act No. 11954 was signed despite apprehensions and concerns on the measure, with some lawmakers pointing out the MIF bill's glaring errors and discrepancies as well as its ambiguous provisions.

A Maharlika Investment Corporation will be established to act as the sole vehicle for the utilization of the MIF.

To recall, Malaysia faced a scandal after its 1Malaysia Development Berhad (1MDB) was hounded by corruption and graft issues.

Malaysia's highest court had upheld former prime minister Najib Razak's 12-year jail sentence for corruption in the 1MDB financial scandal.

Finance Secretary Benjamin Diokno earlier ensured that the country's MIF has transparency and accountability safeguard to prevent it from suffering the same fate as the 1MDB. —KBK, GMA Integrated News