MANILA, Philippines — Finance Secretary Ralph Recto said on Wednesday that “very minimal” funds have been spent on the Maharlika Investment Fund (MIF).
While no funds have been earmarked in the 2025 National Expenditure Program for the sovereign fund, the Landbank and the Development Bank of the Philippines has already transmitted a total of P75 billion to the MIF.
“How much has it spent? Very minimal,” Recto said during the Development Budget Coordination Committee briefing at the Senate.
As the Secretary of the Department of Finance, Recto serves as the chairperson of the Maharlika Investment Corp., the overseer of the MIF.
According to Recto, the MIF still does not have any employees.
In accordance with the law, government officials cannot have additional wages on top of their salary grade.
Recto said that he does not earn anything yet from Maharlika. None of the government officials in the MIC are paid more than their salary.
“It’s the private sector representatives who will be paid eventually, but as of today, they have not been paid a single centavo as well,” Recto said.
MIC president and CEO Rafael Consing recently garnered controversy for allegedly asking for a basic salary of P2.5 million— a sum that some find too hefty, seeing as the MIF has nothing to show for yet.
However, Recto clarified that Consing has yet to receive a salary.
“He has not received a single peso,” Recto said.
The DOF secretary admitted that it was difficult to look for investments for the MIF. He merely cited examples that the MIC has mentioned before, such as energy.
“Admittedly it is taking time to identify investments that the Maharlika can make,” Recto said.
According to Recto, the MIF is like a startup fund. The law was only passed last year and it has only been in operation for seven months.
“We’re determining the pay packages to be given to the employees of the Maharlika and they’re scouting for investments,” Recto said.
The MIF was President Ferdinand Marcos Jr.’s pet measure in 2023, which Congress rushed to pass despite backlash from the public.
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