By The Financial District
Nov 13, 20231 min
RCBC's Chief Economist, Michael Ricafort, expressed support for the Maharlika Fund, stating that it could boost the country's growth rate by at least one percent.
During a guest appearance at the Saturday News Forum at Dapo Restaurant, Ricafort presented slides illustrating the country's growth trajectory, particularly with its above investment-grade rating from agencies, including those from Japan. I Photo: Philippine News Agency
During a guest appearance at the Saturday News Forum at Dapo Restaurant, Ricafort presented slides illustrating the country's growth trajectory, particularly with its above investment-grade rating from agencies, including those from Japan.
Ricafort highlighted economic laws authored by Congressman Joey Sarte Salceda, Chairman of the Congress Ways and Means Committee.
He emphasized that once inflation concerns subside, the economy would be poised for significant progress. He attributed the rise in the growth rate in the third quarter to renewed public spending by the government.
Addressing concerns about the increase in government debts due to the COVID-19 pandemic, Ricafort reassured that the 60% debt-to-GDP ratio indicates the Philippines is still on a growth trajectory.
The Maharlika Fund is expected to play a role in reducing the country's debt profile. Investments from the fund could replace the need for additional debt to finance government infrastructure projects such as the subway, roads, and airports, aiming to attract more tourists.
Ricafort also pointed out that the Maharlika Fund could efficiently utilize idle funds from banks, contributing to its potential impact on the country's economic development.