The House of Representatives and the Senate approved on Wednesday, May 31, the upper chamber’s version of the MIF (Maharlika Investment Fund) bill. The bill will now be sent to Malacañang Palace for President Marcos’ signature.
Being one of President Marcos’ priority, the bill is expected to be signed into law in a possible early time. And soon we’ll have our own sovereign wealth fund, which will be managed by the Maharlika Investment Corporation (MIC) — the corporate body that would be created upon enactment of the measure.
The bill seeks to establish the Maharlika Investment Corporation (MIC), which “shall act as the sole vehicle for the purpose of mobilizing and utilizing the MIF for investments in transactions in order to generate optimal returns on investments (ROIs).”
Under the bill, the MIC shall have its principal place of business in Metro Manila, but may maintain branches and agencies in other areas within and outside the country.
It shall have an authorized capital stock of PHP500 billion, with common shares of PHP3.75 billion, to be subscribed by the national government, its agencies or instrumentalities, including government-owned and controlled corporations or government financial institutions except Social Security System, Government Service Insurance System, Philippine Health Insurance Corporation (PhilHealth), Home Development Mutual Fund or Pag-IBIG Fund, Overseas Workers Welfare Administration, and the Philippine Veterans Affairs Office.
While some are skeptical about this, being that politicians in our country have not really shown any improvement whatsoever, especially on the part on dealing with the State’s money and whatnot, the senators who voted for such bill to pass, assured that the Senate had safety measure in case any problems arise.
In fact, Sen. Zubiri, in one of his interviews said that due to the many safeguards, even the minority—though they are against it and they voted against it—were very happy that almost all the safeguards that could possibly be incorporated were included in this measure.
With the country still recovering from the effects of the pandemic, I look forward to this measure in helping the country’s economy get back on its feet.
It’s high time not to give any benefit of a doubt in our country’s leaders; however, nothing’s wrong by hoping for them to have a change of heart with regards the proper and genuine handling of these kind of plans. (AJDB)
