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Senate to 'carefully' study the proposed Maharlika wealth fund
Senate to 'carefully' study the proposed Maharlika wealth fund
Senate to 'carefully' study the proposed Maharlika wealth fund
by Ellicia Del Mundo02 December 2022
Photo courtesy: Senate website

The Senate will “carefully” study the proposed measure seeking to establish a Maharlika Investment Fund (MIF), Senate President Juan Miguel ‘Migz’ Zubiri said on Friday, Dec. 12.

In a statement, Zubiri said a group composed of Senators will examine the necessity of the proposed House Bill No. 6398.

He said he would tap Senators Sonny Angara, Sherwin ‘Win’ Gatchalian, Grace Poe, Mark Villar, and Allan Cayetano, chairpersons of the Committees of finance, ways and means, economic affairs, banks, and financial institutions as well as government-owned and controlled corporations.

“We need to ensure that it is managed properly and the safeguards are in place so that it would not be misused or prone to corruption,” Zubiri said.

He underscored the importance of a thorough study of the bill as this involves public funds “borne out of the taxes from the sweat and tears” of taxpayers.

On Nov. 28, House Speaker Martin Romualdez filed HB 6398 which seeks to pool Php 250 billion from the Government Service Insurance System (GSIS), Social Security System (SSS), Land Bank of the Philippines (Land Bank), and Development Bank of the Philippines (DBP), as well as Php 25 billion from the National Treasury.

Romualdez said that creating MIF will “improve investment opportunities, promote productivity-enhancing investments and ensure that the Philippines becomes an investment destination.”

The House Committee on Banks and Financial Intermediaries on Thursday approved the proposed bill with few amendments adopted from Albay 2nd District Rep. Joey Salceda's proposal.

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