State-run Development Bank of the Philippines on Wednesday confirmed the suspension of the implementation of the Maharlika Investment Fund (MIF).
“DBP confirms receiving a memorandum from the Office of the Executive Secretary concerning Republic Act No. 11954 . The memorandum directs the Bureau of Treasury to suspend the implementation of the implementing rules and regulations of RA 11954 ‘…in coordination with DBP and Landbank of the Philippines’,” the bank said in a statement sent to Manila Standard.The Bureau of Treasury issued the IRR of RA 11954 on Aug.
The Office of the President, however, issued a memorandum on Oct. 12 asking the Treasury, LandBank and DBP to suspend the implementation of the MIF, pending further study to ensure the fund’s objectives are realized for the country’s development, with safeguards in place for transparency and accountability.
Landbank has an authorized capital stock of P200 billion, while DBP has an authorized capital of P35 billion. The banks asked for regulatory relief from the BSP because breaching the minimum capital ratios could incur hefty fines. LandBank said its capital adequacy ratio remained at a very healthy level of 16.61 percent as of June 2023, above the 10-percent minimum requirement of the BSP.
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