The Manila Times

Villar files Maharlika fund bill in Senate

BERNADETTE E. TAMAYO

SEN. Mark Villar has sought the establishment of the Maharlika Investment Fund (MIF) to achieve the country’s economic goals.

The senator on January 12 filed Senate Bill (SB) 1670 to create the MIF, which served as the counterpart bill for the measure approved by the House of Representatives.

Under SB 1670, the MIF will be sourced from the “investible funds” of the Land Bank of the Philippines, Development Bank of the Philippines and national government or from the declared dividends of the Bangko Sentral ng Pilipinas, among others.

“It is the duty of the government to ensure that our country will attain economic transformation, growth and sustainability,” Villar said in the bill’s explanatory note.

He said this can be attained by enacting a law that will be “a powerful tool for sustaining highimpact infrastructure projects, urban and rural development, agricultural support, and other initiatives that would increase income and economic activity in the Philippines.”

“Thus, this Maharlika Investment Fund bill should be passed for the achievement of the country’s economic goals,” Villar said.

He said the establishment of the MIF as well as the management, investment and use of its proceeds “should adhere to the principles of good governance, transparency and accountability.”

SB 1670 provides that the Maharlika Investment Corp. (MIC) should be established to govern and manage the MIF.

The MIC should act as “a vehicle for the purpose of mobilizing and utilizing the Fund for investments in transactions that will enable the Fund to reap optimal returns on investments, while contributing to the overall goal of reinvigorating job creation and poverty reduction.”

A Maharlika Investment Fund Joint Congressional Oversight Committee will also be created to oversee, monitor and evaluate the implementation of the proposed measure.

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2023-01-24T08:00:00.0000000Z

2023-01-24T08:00:00.0000000Z

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The Manila Times