The prime mover of the Maharlika Investment Fund (MIF) in Congress, House Speaker Martin Romualdez, has explained to businessmen how the misuse or abuse of the proposed Philippine sovereign wealth fund (SWF) will be avoided.
The prime mover of the Maharlika Investment Fund in Congress, House Speaker Martin Romualdez, has explained to businessmen how the misuse or abuse of the proposed Philippine sovereign wealth fund will be avoided.Romualdez did so in a recorded video message sent to the Asia CEO Forum at the Manila Marriott Hotel on Friday, Feb. 24.
Romualdez, the lead author of the bill, enumerated the MIF’s proactive safety checks, including transparency provisions and the requirement to subject the books of accounts of the Maharlika Investment Corp. , which will manage the fund, to three layers of audit by an internal auditor, an external auditor and the Commission on Audit .
The bill also provides that all Maharlika documents will be open to anyone who wishes to review them, including reports from the internal auditor, external auditor, and COA. The bill also identifies financial instruments where the fund could be used, including foreign currencies, domestic and foreign corporate bonds, Sukuk or Islamic bonds, mutual funds, joint ventures, and commercial real estate and infrastructure projects.
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