Congress approved on May 31, 2023 the Maharlika Investment Fund (MIF) Act of 2023. The House of Representatives adopted the Senate version of the bill. SB 2020 was passed on third reading with 19 affirmative votes, one negative vote, and one abstention.

The economic team, comprised of representatives from the Department of Finance (DOF), Bureau of the Treasury (BTr), Government Service Insurance System (GSIS), Department of Budget and Management (DBM), together with the office of Senator and Defense Committee Chair Jinggoy Estrada, met with members of the Armed Forces of the Philippines (AFP) to kick off dialogues on the military and uniformed personnel (MUP) pension system on May 25, 2023 at Camp General Emilio Aguinaldo, Quezon City.

On behalf of the Philippine Government, Finance Secretary Benjamin E. Diokno signed the Metro Rail Transit (MRT) Line 3 Rehabilitation Project (II) loan agreement with Japan International Cooperation Agency (JICA), represented by Chief Representative in the Philippines Sakamoto Takema, on May 26, 2023 at the Department of Finance (DOF) office in Manila.

Recently appointed World Bank (WB) Managing Director (MD) for Operations Anna Bjerde paid a courtesy visit to Philippine cabinet members at the Malacañang Palace on May 23, 2023 to align the Bank’s priorities with the Philippines’ development agenda.

The Asian Development Bank (ADB), led by President Masatsugu Asakawa, hosted a reception for President Ferdinand Marcos, Jr. in celebration of its longstanding partnership with the Philippines at the ADB headquarters in Mandaluyong City on May 22, 2023.

The Economic Development Group (EDG) held its first principals-level meeting on May 17, 2023 at the Department of Finance (DOF) in Manila to harmonize, coordinate, complement, and synergize government efforts, with particular focus on mitigating inflation and fostering inclusive and sustained growth.