House Speaker Ferdinand Martin Romualdez has signed the controversial proposed measure that seeks to establish a Maharlika Investment Fund (MIF) or sovereign wealth fund.
In a confirmation sent to the media, the Office of the House Speaker said that Senate Bill 2020, or the Maharlika Investment Fund Act has been signed by Romualdez and House Secretary General Reginald Velasco.
The bill has been transmitted to the Senate, it added.
SB 2020 will be forwarded to the Malacañang Palace for the signature of President Ferdinand ‘Bongbong’ Marcos Jr.
Marcos earlier declared he will sign the proposed measure once this reached his office.
Last June, Senate President Juan Miguel 'Migz' Zubiri signed the MIF at the Philippine Embassy in Washington, United States (US) where he conducted his official state visit.
According to the bill, the Maharlika Investment Fund (MIF) will be established using the seed money coming from the Land Bank of the Philippines (LBP) that shall contribute ₱50 billion, the Development Bank of the Philippines (DBP) with ₱25 billion, and the national government with ₱50 billion.
The overall investment returns or the money that will be reaped from the investments will be allocated for the national government programs and long-term projects such as dams, electric grids, and among others.
