A House committee on Thursday approved a recently filed bill that seeks to establish billions of pesos worth of sovereign wealth fund dubbed as Maharlika Investment Fund (MIF).
The House Committee on Banks and Financial Intermediaries approved House Bill 6398, whose authors include Speaker Martin Romualdez, via a voice vote two days after it was filed.
The bill also authorizes the President to appoint two independent directors to the board of the Maharika Investments Corporation, which will operationalize the disbursement and management of the MIF. "We are on deficit spending, and it does not make sense that GAA will fund this. Let the GFIs do that. I’m sure it will be a major issue also for other members," he added.“If you are an appointee of the President, hindi ka makakapapalag. We need a safeguard here. A director appointed by the President is not independent,” Daza said.
“What will fund this? Where are the 'excess revenues'?" Pimentel told GMA News Online in a Viber message when asked if the minority will support the measure filed in the House of Representatives
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