Maharlika Investment Fund + More: Highlights From SONA 2023

(SPOT.ph) President Ferdinand "Bongbong" Marcos Jr. delivered his second State of the Nation Address (SONA) today, July 24, at the Batasang Pambansa in Quezon City.

His second SONA comes on the heels of lifting the state of public health emergency for COVID-19, signing the Maharlika Investment Fund into law, and declaring that the Philippines will stop engaging with the International Criminal Court’s (ICC) war on drug investigations.

Since he was put in position, he has enacted 21 major laws, most notable of which  include the SIM Registration Act and the Maharlika Investment Fund Act. However, the most recent SWS survey revealed that 45% of Filipinos still feel poor, only released a day before SONA 2023.

Marcos’ second SONA lasted for one hour and 11 minutes, starting at 4:06 p.m. and ending at 5:17 p.m.—only a minute longer than his SONA 2022.

Here’s a summarized version of what happened in SONA 2023:

On the Maharlika Investment Fund

"In pulling a small fraction of the considerable but underutilized government funds, the fund shall be used to make high-impact and profitable investments, such as the 'Build Better More' program. The gains from the fund shall be reinvested into the country’s economic well-being."

"To ensure sound financial management, a group of internationally recognized economic managers shall oversee the operations of the fund, guided by the principles of transparency and accountability. This guarantees that investment decisions will be based on financial considerations alone, absent any political influence."

"The funds for the social security and public health insurance of our people shall remain intact and separate."

Also read: What Happens Now that Maharlika Investment Fund Is a Law?

On education

"Learning recovery will be at the forefront of our education agenda. Schools and facilities are being retrofitted to become ready for the future—ready for hybrid and high-tech learning, and also climate-ready and disaster-proof."

"We are recalibrating the K to 10 curriculum to ensure that it is always relevant, responsive, and at par with international standards."

On digitalization

"Digitalization is the call of today. It is here, and it is needed today. Government must fully embrace digitalization to provide better services to the people. It is the greatest, most powerful tool."

"The eGov PH app has also been launched. As envisioned, all key government services are to be integrated into this single and centralized mobile app, for the convenience of the general public."

Also read: GUIDE: Everything You Need to Know About LTO’s Electronic Driver’s Licenses

On the war on drugs

"The campaign against illegal drugs continues, but it has taken on a new face. It is now geared towards community-based treatment, rehabilitation, education, and reintegration, to curb drug dependence among our affected citizenry."

"Unscrupulous law enforcers and others involved in the highly nefarious drug trade have been exposed. I will be accepting their resignations."

On health

"We are refocusing our health priorities, applying the lessons learned from the pandemic and addressing the weaknesses it has exposed. Healthier communities and lifestyles are our advocacy."

"Aside from the maximum retail price regulation being implemented, strategic VAT exemption also lowered the prices of 59 essential medications, such as those for cancer, diabetes, hypertension, kidney disease, and mental illness."

On foreign relations

"Our independent foreign policy—a friend to all and enemy of none—has proven effective. We will continue to forge more of these international partnerships that will lead to a more balanced trade strategy and a healthier economic position."

"It is our wish that one day foreign employment will be driven by choice, not by necessity."

Also read: Ferdinand Magellan Jr.? Jeopardy Just Referenced the Philippine President’s Extensive Travels

On sustainability

"The economic agenda cannot and will not ever be incompatible with our climate change agenda."

"In our quest for food security, our methods are now more guided by science and the balance of nature, so that production is both sustainable and responsible, benefiting both this and future generations."

On infrastructure

“One of the keys to continuing economic growth is infrastructure development. So, we will build better, and more. Our 8.3-trillion peso 'Build Better More' Program is currently in progress and being vigorously implemented.”

“Our road network plans must link not only our 3 major islands, but all prospective sites of economic development.”

Also read: Ilocos to Bicol in 9 Hours? The Luzon Spine Expressway Network Could Make It Happen

On water and electricity

“Ang tubig ay kasing-halaga rin ng pagkain. Kailangan nating tiyakin na may sapat at malinis na tubig para sa lahat at sa mga susunod na salinlahi. Nakikipag-ugnayan tayo sa Kongreso upang maipasa ang batas para sa pagbuo ng isang Department of Water Resource Management.”

“Since my assumption into office, almost half a million homes have been given access to electricity. We will spare no effort to achieve full household-electrification by the end of my term. 100% is within our reach. Renewable energy is the way forward. We are aggressively promoting renewables, so that it provides a 35% share in the power mix by 2030, and then on to 50% by 2040.”

Also read: QC, Manila and Other Metro Manila Cities Will Experience Water Interruption Starting July 12

Closing note

"There is an enormous pool of highly competent and dedicated workers serving in our government. It is up to us to provide good leadership and guidance. They love the Philippines and have responded to our call."

"With this in my heart, I know that that the state of the nation is sound and is improving. Dumating na ang Bagong Pilipinas."

Also read: Another Logo? A Look Into Bongbong Marcos’ Bagong Pilipinas Branding