(Eagle News)–President Bongbong Marcos is expected to deliver his second State of the Nation Address on Monday, July 24, following developments that include his signing of the Maharlika Investment Fund into law and the International Criminal Court’s rejection of the Philippine bid to suspend a probe into the drug war.
The President is expected to report on what his administration has done so far, and deliver a roadmap for the country to be followed in the remaining years of his administration.
The President earlier said his second SONA would be a “very simple” presentation of the government’s accomplishments, which he said include not just improvements in governance but also in the global community’s perception of the Philippines.
“Malacañang wants the event to be simple, more of a very traditional SONA,” House secretary general, Mark Llandro Mendoza, earlier said.
Guests expected
Around 1,300 guests are expected during the event, including former Presidents Gloria Macapagal-Arroyo and Joseph Estrada, and Vice President Sara Duterte.
Former Presidents Rodrigo Duterte and Fidel Ramos and former Vice President Leni Robredo have also been invited.
At least 25,000 members of the police force have been deployed in Metro Manila to ensure event security.
A gun ban was also imposed in Calabarzon, Central Luzon, and the National Capital Region ahead of the SONA.
This came into effect at 12:01 a.m. on July 24 and will end at midnight of July 25.
Maharlika Fund, ICC
The President’s SONA takes place days after he signed Republic Act No. 11954, or the Maharlika Investment Fund (MIF) Act of 2023, which establishes the country’s first sovereign wealth fund aimed at boosting the country’s economic growth.
Finance Secretary Benjamin Diokno earlier said it was “reasonable to expect that the Maharlika Investment Fund will be up and running before the end of 2023,” with Land Bank of the Philippines approving a P50-billion investment.
Under the law, other initial capitalization will come from the investible funds of the Development Bank of the Philippines (DBP), and other contributions of the national government, which include dividend remittances of the Bangko Sentral ng Pilipinas.
The President’s report to the nation also comes after the judges in the ICC appeals chamber rejected the appeal of the Philippine government against the Pre-Trial Chamber’s authorization to resume the investigation into the drug war.
Following the rejection, the President said the Philippines was “essentially disengaging from any contact, communication with the ICC.”
“We ended up in the same position that we started with and that is we cannot cooperate with the ICC considering the very serious questions about their jurisdiction and about what we consider to be interference and practically attacks on the sovereignty of the Republic,” the President had said.