Following the Milken Institute’s Financial Innovations Lab last September to consider the best practices of sovereign wealth funds for the Republic of the Philippines, the nation established its first sovereign wealth fund, the Maharlika Investment Fund (MIF) on July 18, 2023. The US$9 billion fund is expected to invest in a range of assets, including foreign currencies, domestic and foreign corporate bonds, commercial real estate, infrastructure projects, and many more.

In this follow-on Lab, we will discuss the opportunities and considerations for implementation of the fund, and discuss the following questions:  

• What rules and regulations govern the MIF, and how will such rules be further developed to ensure effective operation and oversight?
• What are the unique features of the MIF that will help build trust among stakeholders, including institutional investors, civil society, and the private sector?