Senate Bill No. (SBN) 2020, also known as the Maharlika Investment Fund (MIF) Act of 2023, has been amended to address various issues and concerns raised by senators and other stakeholders, according to the measure's sponsor on Monday.
Allowing the Maharlika Investment Corporation to issue bonds, as well as provisions detailing the authorized and subscribed capital stocks to be created, is one of the major improvements introduced.
There will also be restrictions on real estate investments, which will be limited to major capital projects approved by the National Economic and Development Authority (NEDA) Board to ensure that they are in line with the government's socioeconomic development programs.
Other changes include new provisions for joint ventures and co-investments on bond issuance, as well as the Board of Directors is reduced to nine permanent members from the original 15.
Tax exemptions and exemptions from salary standardization were also repealed.
Villar assured that the MIF bill will be scrutinized further when the Senate reconvenes in May.
Senator Francis Escudero also confirmed over the weekend that he had signed the committee report with major amendments, noting that this new version of the MIF Bill has a better chance of being approved by the Senate.
