Maharlika Investment Fund Now Just Awaits Presidential Signature to be Passed into Law

The Maharlika Investment Fund (MIF) bill has reached the final stage, as it now awaits the signature of President Ferdinand R. Marcos Jr.

This comes as senators voted 19-1-1 over the proposed MIF Act, with only Senator Risa Hontivros voting against the bill, and Senator Nancy Binay abstaining.

Senators Imee Marcos, Francis Escudero, and Senate Minority Leader Koko Pimentel were not able to vote due to their absence.

Meanwhile, the House of Representatives accepted the Senate version of the bill, with House Committee on banks and financial intermediaries Chair Irwin Tieng making the announcement of the Congress’ acceptance of the bill.

The MIF bill aims to establish the Maharlika Investment Corporation (MIC), which will serve as the sole vehicle for mobilizing and utilizing the fund for investments to generate optimal returns.

The swift passage of the bill from both houses came as Marcos Jr. certified the bill as “urgent,” highlighting its significance in promoting economic development and generating income for the government.

Albay Rep. Joey Salceda emphasized that the proposed MIF will not utilize funds from the Social Security System (SSS), Government Service Insurance System (GSIS), Philippine Health Insurance Corporation (PhilHealth), or Home Development Mutual Fund (HDMF).

Salceda praised the retention of accountability and transparency safeguards in the Senate version and suggested further refinements during the drafting of the implementing rules and regulations.

These include the regulation of MIF employees by the Civil Service Commission, the possibility of listing the MIF in the stock market, and the potential involvement of multilateral financing institutions like the World Bank and the Asian Development Bank as strategic partners.

According to the bill, the MIC will be headquartered in Metro Manila but may establish branches and agencies domestically and internationally. Its authorized capital stock will amount to PHP500 billion, with the national government, its agencies or instrumentalities, government-owned and controlled corporations, and government financial institutions, excluding specified entities, subscribing to PHP3.75 billion in common shares.

Moreover, contributions of PHP50 billion each will be made by the Landbank of the Philippines, Development Bank of the Philippines, and the national government to establish the fund. (GFB)