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The government should return the contributions of state-led banks to the Maharlika Investment Fund , a former central bank official said on Wednesday.
Without regulatory relief from the BSP, both banks would have to ease their lending, Guinigundo said. Guinigundo said Mr. Marcos’ decision to put the brakes on the MIF was a welcome development, but said the government would have to decide on the fate of the fund soon. Earlier, the President had assured the public that the wealth fund would be handled by proper economic managers as he vowed to insulate MIF from politics to ensure its success.
Finance Secretary Benjamin Diokno said the remittance of the two largest state-owned financial institutions in the country would pave the way for MIC to begin operating. Bangko Sentral ng Pilipinas Governor Eli Remolona said, however, the state-run banks remained compliant with the capitalization requirement, and the BSP could also provide forbearance, “which allows them not to comply for a period of time.”
Solicitor General Menardo Guevarra said his office has not received the official copy of the Supreme Court’s resolution that directed both the executive and legislative branches of government to comment on the petition against the MIF law. The President had earlier said that the MIF is a tool for economic development that will promote fiscal stability through strategic and profitable investments in key sectors.
“Let us trust the President’s wisdom in doing so, for I believe that he or his economic team had good and valid reasons to study the measure further.”Despite certifying it as urgent, he said the President might have seen that the law passed by the House of Representatives needed further study.Senator Risa Hontiveros also welcomed the decision to suspend the implementation of the MIF Act.
At best, he simply did not have the competence to understand the repercussions of messing with the finances of LandBank and DBP, she said.
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