Lawmakers have significantly stripped down the Maharlika Investment Fund's capital, and changed its board structure. Here are the latest revisions to the proposal.
President Marcos has committed full support, with Albay Representative Joey Salceda describing the bill as “Where will the money come from?
Instead, the fund will be taking P100 billion in start-up capital from government financial institutions :Previously, the bill also mandated the Government Service Insurance System , Social Security System , and annual budget to contribute P125 billion, P50 billion, and P25 billion respectively. Following widespread criticism,Although GSIS and SSS will no longer contribute to the initial capital, they may still invest in the Maharlika fund later on.
Bangko Sentral ng Pilipinas – 100% of annual dividends for the first and second year; 50% of annual dividends while BSP is building up its capital requirement; 100% of annual dividends once BSP completes its P250 billion capital requirementNational government – contributions as determined in the annual national budgetSalceda gave assurances that all contributions coming from GFIs will be backed by the government.The bill did not explicitly outline what projects the fund will invest in.
The MIC will be led by a 15-person board of directors. The secretary of finance will chair the board. The chief executive officer of the MIC, as well as the presidents of Land Bank and DBP, are assured seats on the board.
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