They cited red flags in the MIC’s governance structure, which they said was poorly designed and could open the floodgates for political interference, mismanagement and corruption. Also, the MIF as established is not focused on accumulating wealth but rather on stabilizing national finances. It would also invest in a wide range of assets, including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, joint ventures, mergers and acquisitions, real estate and high-impact infrastructure, and projects that contribute to the attainment of sustainable development.ĪLSO READ: Keep watch on Maharlika Investment Fund, Escudero urges criticsĬritics of Maharlika said it was being pitched as a sovereign wealth fund, but unlike those of other countries, it is not being created from surplus revenues.
The MIC is supposed to identify financially and commercially viable infrastructure projects to invest in, and will formulate investment strategies covering emerging “megatrends,” such as environment, social and governance, digitalization and health care. The others in the nine-member MIC board are the finance secretary, who will serve as chair, and the respective president and CEO of Landbank and DBP.
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27 deadline for nominations for the MIC’s top managers, including its president and concurrent chief executive plus two regular and three independent directors from the private sector. He said that MIC should be able to optimize the use of the government’s financial assets to generate substantial returns and support infrastructure projects in order to promote efficient management of wealth and assets. He said many foreign and domestic investors were “eagerly awaiting” the establishment of the MIC.ĭe Jesus said DBP expects the MIF and MIC to be properly and effectively managed through strong leadership and corporate governance.ĪLSO READ: 11 Cebu lawmakers back bill creating Maharlika Investment Fund
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The MIF law mandates an authorized capital stock of P500 billion for the MIC.įinance Secretary Benjamin Diokno, who will chair the MIC, on Friday said that the remittances from the country’s two largest state-owned financial institutions would pave the way for the full operationalization of the company by year-end. “DBP foresees that in the next four to five years, the country should be reaping the gains from both on the financial and developmental fronts as a result of the trailblazing activities of the MIC,” De Jesus said. 11954, the law that established the MIF, directs the Bangko Sentral ng Pilipinas (BSP) to contribute to the national government’s share of P50 billion in the initial MIC capitalization from 50 percent of its dividends, which amounted to P31.86 billion in July. in ensuring the immediate establishment of the Maharlika Investment Corporation which would shepherd the initiatives that would reshape and redefine the country’s economic landscape.” Other contributors “DBP is enthused with our full contribution to the MIF,” De Jesus said. 14, the same day that the Land Bank of the Philippines (Landbank) remitted its P50-billion share to the Bureau of the Treasury. (MIC), which would manage the MIF, amounted to P107 billion as of Saturday, a day before the deadline set by the law creating the Maharlika fund.ĭBP president and CEO Michael de Jesus on Saturday announced that it deposited its P25-billion contribution on Sept. Officials said the seed capital of P150 billion for the Maharlika Investment Corp. Uploading photos to Imgur? To make your image viewable to anyone with the link, but prevent it from being added to the main Imgur feed, select "hidden" for the privacy setting, not "private" or "public".The country could expect to see economic gains from the Maharlika Investment Fund (MIF) by the time President Marcos steps down in 2028, the chief of the Development Bank of the Philippines (DBP) said on Saturday. See details and apply here guides and how-tos
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