Speaker Martin Romualdez on Sunday said transparency is among the key safeguards that the House of Representatives incorporated in the Maharlika Investment Fund (MIF) bill to prevent the misuse of the sovereign wealth fund. READ:
The bill was approved on third and final reading on Dec. 15, with an overwhelming vote of 279 in favor and six against, and no abstentions after President Ferdinand Marcos Jr. certified it as urgent.
A member of the opposition, ACT Teachers party-list Rep. France Castro, proposed the provision during the period of individual amendments in the plenary deliberation on the measure.Albay Rep. Joey Sarte Salceda, chairman of the technical working group on HB 6608, said such a safeguard is embodied in Section 29 of the bill under consideration, but he agreed to accept the amendment proposed by the Makabayan bloc member.
HB 6608 called for the establishment of the MIF to promote economic development by making strategic and profitable investments in key sectors.Meanwhile, the Philippine Stock Exchange voiced its support for the MIF, saying this will contribute to the growth of the capital markets. “Since MIF seeks to attract and invest capital for big-ticket infrastructure projects, sustainable green and blue infrastructures and countryside development, we believe these investments will create a multiplier effect that would attract more fund-raising activities and portfolio investments and in turn contribute to the growth and development of the our capital markets,” he added.
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