Bilyonaryo Joey Concepcion has suggested tapping the expertise of private wealth managers for the Maharlika Investment Fund (MIF), whose creation will be formalized soon by President Ferdinand Marcos Jr.
The GoNegosyo founder and trade official said filling the Maharlika Fund’s board of directors with veteran private sector wealth managers will boost the chances of the fund to make money for the long term.
“The board composition is quite critical. You know the private sector –if you have quite a number of people from the private sector, rest assured that especially if they have wealth of experience, the probability of the fund succeeding is high,” Concepcion told One News.
Concepcion said the quality of fund managers who will run the MIF is crucial to its success. The government has said that earnings from the sovereign wealth fund will bankroll key infrastructure projects.
“I think the concern really is who is gonna manage this fund? So a bulk of these people will really be coming from the private sector, well, the confidence of the people will be there,” he added.
Marcos said Thursday (June 22) that he will sign the bill creating the MIF into law once the enrolled copy is on his desk.