The House of Representatives agreed to adopt the Senate version of the proposed Maharlika Investment Fund so that the executive department can start crafting its rules and regulations. | GabrielLaluINQ
Salceda gave an assurance that the MIF would still keep its hands off the pension funds of the Social Security System, Government Service Insurance System, Philippine Health Insurance Corp., and Home Development Mutual Fund — all of which were initially rumored as possible funding sources.
However, a separate bicameral conference committee report appears to be no longer needed as Manila Rep. Irwin Tieng, chair of the House Committee on Banks and Financial Intermediaries, said that the House would accept the Senate version of the bill. “First, I suggested that we allow multilateral financing institutions like the World Bank and the Asian Development Bank to be strategic partners with a stake in the founding of the MIF. These banks bring in not only capital, but also experience, institutional expertise, and international credibility to the Fund,” he said.
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