Senator Mark Villar on Monday filed the Senate version of the measure seeking the creation of a Maharlika Investment Fund or Sovereign wealth fund.
In the explanatory note of Senate Bill No. 1670, Villar said the passage of the bill would help achieve the economic goals of the country.
"Under the proposed measure, the establishment of the Maharlika Investment Fund as well as the management, investment, and use of its proceeds shall adhere to the principles of good governance, transparency, and accountability," he said.
Similar to the House of Representatives version, SB 1670 proposed to extract sources from financial government institutions, excluding Government Service Insurance System (GSIS) and Social Security System (SSS).
The fund will be drawn from the Land Bank of the Philippines (LBP), the Development Bank of the Philippines (DBP), and Bangko Sentral ng Pilipinas (BSP).
Villar also proposed the establishment of a Maharlika Investments Corporation (MIC), an independent corporate body, that will govern and manage the fund.
He also sought the creation of the Maharlika Investment Fund Joint Congressional Oversight Committee to "oversee, monitor, and evaluate the implementation of the proposed measure."
"All documents of the fund and the corporation shall be open, available, and accessible to the public. Graft and corrupt practices shall not be tolerated and those who engage in such acts shall be penalized," the Senator said.
Senate President Miguel 'Migz' Zubiri earlier said the Senate may pass the proposed Maharlika fund on the third and final ready after the Holy Week break.
The House of Representatives passed House Bill 6398 or Maharlika Investment Act on the third and final reading last December 15, 2022.
