Marcos won’t veto Maharlika Assures public independent managers to run sovereign fund READ MORE:
President Ferdinand Marcos Jr. on Thursday said he will immediately sign the proposed Maharlika Investment Fund bill into law once it reaches his office, noting that proper management of the sovereign fund will be the key to its success.
“Even I proposed to the House to remove the President as part of the Board, to remove the central bank chairman, to remove the Department of Finance, because it has to operate as an independent fund, well-managed professionally,” Mr. Marcos added.“One of the elements that make that happen is that there is very clear independence from the day-to-day government function.
The draft bill passed by the Senate provides a 10-year prescriptive period for crimes punishable under the measure, while another section in the same bill provides for a 20-year prescriptive period. The MIF seeks the creation of a sovereign wealth fund that the government can use to make investments.
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