Marcos: 80 infra projects eyed for funding by MIF

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Metro Manila (CNN Philippines, November 16) — Around 80 infrastructure projects that can be funded by the Maharlika Investment Fund (MIF) have been identified, President Ferdinand Marcos Jr. said on Thursday (PH time).

Marcos made the statement at the Philippine Economic Briefing (PEB) in San Francisco, days after the release of the revised implementing rules and regulations of the MIF.

"We have identified about 80 potential infrastructure projects that are financeable through the fund, the Maharlika Investment Fund," Marcos said, adding these projects would give a high rate of return and have significant socioeconomic impact.

He did not mention particular projects to be funded by Maharlika, but said the government has prioritized 197 projects to support the Philippines' infrastructure drive.

"We are prioritizing the implementation of 197 infrastructure flagship projects worth around US$155 billion with a sharp focus on upgrading physical and digital connectivity, water, agriculture, health, transport, and energy," he added.

Marcos reiterated that the MIF is crucial for the government to carry out its priority projects, serving as additional source and mode of financing.

In his speech, Marcos said despite global challenges, the Philippine economy has risen "above the tide," logging its highest full-year GDP in nearly five decades in 2022.

"We are confident that the country will post a full year economic growth that is close to the 6.0 to 7.0 percent target for 2023," he said.

Marcos also said the country is prioritizing investments in digitalization and noted reforms made to simplify business approval processes.

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The Philippines is ready to take off as a leading investment hub in Asia, he added.