As expected by many, the House of Representatives approved on third and final reading on Thursday night the proposed Maharlika Investment Fund (MIF), which, if enacted, will serve as the Philippine sovereign wealth fund. READ:
As expected by many, the House of Representatives approved on third and final reading on Thursday night the proposed Maharlika Investment Fund , which, if enacted, will serve as the Philippine sovereign wealth fund.
The solons were able to go ahead with the bill’s third reading passage after the House leadership received from Malacañang earlier Thursday a document certifying the particular bill as urgent. “Urgent” bills not need go through the three-day wait period between second and third reading. For Thursday’s session, Romualdez flew in from Brussels, Belgium where he joined President Ferdinand “Bongbong” Marcos Jr. in the European Union-Association of Southeast Asian Nations Summit.
“The proposed sovereign wealth fund will help President Ferdinand Marcos Jr. keep the country on the high-growth path. We want to assure the public that the management of the fund will follow best practices and the principles of transparency and accountability,” he said.As revised, the proposed law lists the Land Bank of the Philippines , Development Bank of the Philippines , Philippine Gaming and Amusement Corp. , and Bangko Sentral ng Pilipinas as MIF contributors.
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