CEBU CITY, Philippines - A lawmaker from Cebu said that having ‘quality fund managers’ for the controversial Maharlika Investment Fund (MIF) would help it become an effective vehicle for
Rep. Duke Frasco, Cebu 5th District, says quality fund managers will be needed to make the Maharlika Investment Fund a success. | Inquirer.net file photo
He was among the 11 House representatives from Cebu who approved for the passage of HB 6608 and joined as one of its co-authors. The lower chamber of Congress passed on third and final reading HB 6608 last December 15 despite criticisms and concerns, particularly in terms of governance.Except for Cebu 3rd District Rep. Pablo John Garcia, all congressmen from Cebu supported the proposed MIF by joining as the co-author of HB 6608.The Bagong Alyansang Makabayan in Central Visayas opposed the creation of the MIF, saying it would make public funds vulnerable to graft and corruption.
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