By Katrina Gracia Consebido
House Speaker Martin Romualdez said the government may utilize the Maharlika Investment Fund (MIF) in responding to the country’s power crisis and needs of the agriculture sector.
Romualdez told the media on the sidelines of the Association of Southeast Asian Nations-European Union (ASEAN-EU) Commemorative Summit in Brussels, Belgium that a sovereign wealth fund provides the capital and vehicle for bringing “further development and benefits to the people.”
“We are very excited for it and I see that two-thirds of the House who have already seen the wisdom and you know the benefits to the country and to the people as a whole, so we’re quite excited for this,” Romualdez said.
“So definitely, over two-thirds of the House will be coauthoring,” he added.
House Bill 6608 proposes designing the MIF as an independent fund that is guided by good governance, transparency, and accountability.
The proposed measure would source funds from select government financial institutions (GFI), contributions of the national government, the Bangko Sentral ng Pilipinas (BSP), and other sources.
The fund will be invested strategically and commercially to promote fiscal stability for economic development. It also seeks to strengthen top-performing GFIs through additional investment platforms that help achieve the national government’s priority plans.
The fund’s initial capitalization will come from the Landbank of the Philippines, Development Bank of the Philippines, and BSP.
The measure also lists annual contributions to the fund, including BSP dividends and Philippine Amusement and Gaming Corporation (PAGCOR) revenue. -ag
