Atin Ito First Filipino Community Newspaper in Ontario
The proposed Maharlika Investment Fund (MIF) Act has just been approved by both chambers of Congress and a copy of the enrolled bill will now be sent to Malacañan Palace for President Marcos’ signature.
Being a Palace-certified measure, it is expected to be signed into law in a couple of weeks or even days. And soon we’ll have our own sovereign wealth fund, which will be managed by the Maharlika Investment Corporation (MIC) — the corporate body that would be created upon enactment of the measure.
With the country still recovering from the impact of the Covid-19 pandemic, we look forward to this measure in helping the country’s economy get back on its feet.
As Sen. Mark Villar, who steered the passage of the bill as chairman of the Senate Committee on Banks, said: “We pushed for this bill not just for the economic gains that we can get but more so to solve our worsening problems in terms of poverty rate and unemployment. In line with the projections of our economic managers, the Maharlika fund will be able to generate 350,000 jobs.”
While some quarters have been skeptical about the Maharika fund, Senate President Juan Miguel Zubiri gave assurance that sufficient safety nets are in place.
Just to underscore his point, Zubiri said the Senate’s version of the Maharlika Investment Fund “can be defended at Plaza Miranda” in Quiapo, Manila—the site of traditional political meetings and discourse—due to the number of safeguards incorporated in the measure.
He said that due to the many safeguards, even the minority—though they are against it and they voted against it—were very happy that almost all the safeguards that could possibly be incorporated were included in this measure.
The interest expressed by the Japan Bank for International Cooperation (JBIC) in the MIF is a big boost as it embodies trust in the sovereign wealth fund.
Under the Maharlika fund measure, the MIC shall have an authorized capital stock of ₱500 billion to be divided into five billion shares, with a par value of ₱100 per share.
The shares shall have the following classifications and features namely: Common shares of 3.750 billion, equivalent to ₱375 billion to be subscribed by the national government, its agencies or instrumentalities, including government-owned and -controlled corporations (GOCCs) or government financial institutions (GFIs). Provided that 1.25 billion shares equivalent to ₱125 billion shall initially be subscribed from: Land Bank of the Philippines (Landbank), ₱50 billion; Development Bank of the Philippines (DBP), ₱25 billion; and national government, ₱50 billion.
With the MIF all set to be established, we look forward to the time it would eventually fulfill its objective of providing economic relief for all Filipinos.
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Credit belongs to : www.mb.com.ph
