President Ferdinand Marcos Jr. will sign the controversial Maharlika Investment Fund bill on July 18, ahead of his second State of the Nation Address on July 24, Malacañang said. | NCorralesINQ
The bill faced heavy criticism after the initial proposal to use state pension funds to capitalize the MIF, but the enrolled bill stated that the MIF, totaling P125 billion, will be seeded with P25 billion from DBP, P50 billion from Landbank and P50 billion from the national government.
Malaysian authorities claim that up to $4.5 in 1MDB funds ended up in the personal bank accounts of jailed former Prime Minister Najib Razak.Critics also threatened to challenge the new law before the Supreme Court, but Velicaria-Garafil said Palace lawyers, led by former Chief Justice and incumbent Executive Secretary Lucas Bersamin, have been reviewing the proposed law precisely to look for litigable matters.
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