DBP remits P25B to BTr as initial seed capital in PH wealth fund
The Manila Times
STATE-OWNED Development Bank of the Philippines (DBP) has remitted P25 billion to the Bureau of the Treasury (BTr), which represents the bank’s share in the initial seed capital in the Philippines’ pioneering sovereign wealth fund, a top official said. DBP President and CEO Michael de Jesus said DBP deposited the amount to the BTr on September 14, ahead of the September 17 deadline set by Republic Act 11954, or the “Maharlika Investment Fund (MIF) Act of 2022,” which represented DBP’s tangible commitment to the MIF — a priority initiative of President Ferdinand Marcos Jr. “DBP is enthused with our full contribution to the MIF. We are one with President Marcos Jr. in ensuring the immediate establishment of the Maharlika Investment Corp. (MIC) which would shepherd the initiatives that would reshape and redefine the country’s economic landscape,” de Jesus said. Under the law, the National Government, DBP and Landbank of the Philippines are mandated to provide the initial capital of the MIC, contributing P50 billion, P25 billion and P50 billion each respectively. The MIF Law was signed into law by the President on July 18 this year with the Implementing Rules and Regulations taking full effect on Aug. 28, 2023. Finance Secretary Benjamin Diokno said the completion of the remittance of the two largest stateowned financial institutions in the country would pave the way for the full operations of the MIC. De Jesus said DBP expects the MIF and MIC to be properly and effectively managed through a strong leadership and corporate governance as envisioned by the administration. “DBP foresees that in the next four to five years, the country should be reaping the gains from both on the financial and developmental fronts as a result of the trailblazing activities of the MIC,” de Jesus said.