The MIF is expected to generate returns that support the government's economic goals, as outlined in the Medium-Term Fiscal Framework, the eight-point Socioeconomic Agenda, and the Philippine Development Plan.

[4][5] President Ferdinand "Bongbong" R. Marcos, Jr. has backed the establishment of a sovereign wealth fund, believing that it would be advantageous for the country.

[12] A week later on May 31, 2023, the body approved the third and final reading with a total of 19 senators voting in favor, one negative (Risa Hontiveros) and one abstention (Nancy Binay).

[13] It would need active action of President Marcos' putting of his signature, or[14] passivity of taking inaction on it within 30 days of its official transmittal to his office thus lapsing into, before it becomes law.

[21][22] Economist Michael Batu said the fund, if managed properly, can help raise money to help the government's programs and achieve development goals.

[23] Global Source economist Romeo Bernardo, on the other hand, believes that the proposal is poorly timed and that a sovereign wealth fund would just add to the Philippines' current financial and fiscal risks and raised concern for potential mismanagement, mentioning the 1Malaysia Development Berhad scandal.

The group believes that there is no gap or "missing institution" in the Philippine economy that necessitates the creation of a sovereign wealth fund and prescribes the government to focus on the management of the country's fiscal deficit and public debt to avoid impediments to the delivery of public services and to prevent a downgrade of the Philippines' sovereign investment credit rating.

[26] Economists remain skeptical about the bill as it contains provisions that could affect the independent functions of government financial institutions and the Bangko Sentral ng Pilipinas.

[32] Four directors were sworn in on December 20, including Vicky Castillo Tan, Andrew Jerome Gan, German Lichauco, and Roman Felipe Reyes.

The design reflects the themes of rebirth and renewal inspired by "Bagong Pilipinas.”[35] On September 18, 2023, Senate Minority Leader Koko Pimentel, representative Ferdinand Gaite (Bayan Muna), and former representatives Neri Colmenares and Carlos Isagani Zarate (Bayan Muna) filed a 56-page petition before the Supreme Court to ask the declaration of Maharlika Investment Fund Act of 2023 as unconstitutional.

"[37] To try breaking the impasse, unnamed government officials have countered with a proposal suggesting a lesser initial salary with a gradual increase upon the accomplishment of investments by the MIC.