NextGen Day

The planned multi-billion peso Maharlika Financial Fund, according to a House leader on Tuesday, would make a viable investment vehicle for pursuing expensive infrastructure projects.

Irwin Tieng, chair of the House Committee on Banks and Financial Intermediaries stated at a Laging Handa public briefing that because infrastructure finance would involve high-yielding financial activities and assets, government resources might be best utilized.

“This Maharlika Investment Fund is one vehicle through which you could invest in the Filipino people, and you could put your money there if you wanted to. Iyon po iyon ng trabaho sa atin makakadagdag ati, at hindi lang iyon. This Maharlika Investment Fund is one vehicle through which we could invest in these [infrastructure projects], and the profits would also go to us. So, ang layunin po ng ating Maharlika Investment Fund ay magkaroon ng pondo/ipon na puwede nating i-invest at kumita at the same time ay makatulong po sa ating bayan pagdating sa development Additionally, this would lead to the creation of more jobs. The Maharlika Investment Fund’s objective is to have money/savings that we may use to invest in and make money. Additionally, this would aid in the development of the nation’s infrastructure “added he.

Tieng said that the bill also allocates 20% of MIF income for social welfare initiatives in addition to infrastructure projects.

We all agree that this Maharlika Investment Fund would ultimately benefit every Filipino, he said, adding, “Kasi alam naman natin po na itong Maharlika Investment Fund, at the end of the day ay kikita naman po at makikinabang ang lahat – tayo as Filipino.”

According to him, the MIF will be supervised by the Philippine Competition Commission (PCC) in order to establish a system of checks and balances.

“Because of this, the Maharlika Investment Fund that the nation has set up would be able to invest in the region’s businesses and infrastructure projects. Therefore, we saw that the Maharlika Investment Fund would be utilized to invest in businesses and infrastructure projects in the nation. Mai-check din niya iyong balance to fair po pagdating po sa pagpipili kung sino mananalo at kung puwede ba magsama ang isang kumpaniya to nandiyan pa rin po iyong check and balances natin. Therefore, we eliminated the MIF’s exemption from this commission’s coverage so that it could assure fairness and balance in the examination of deals. This would support the checks and balances system), “added he.

Tieng further asserted that the MIF contains a number of protections to ensure its transparency and accountability, such as criminal rules and a 15-member board chosen in accordance with stringent expertise and professional experience requirements in investment management and financial concerns.

“Iyong mga protections are therefore in place, tingin ko po. I believe the safety nets are in place because of the standards that the company has for becoming a board of directors, which include having at least 10 years of expertise in banking and finance. Additionally, we listed the qualities of our potential board of directors, such as their ten years of banking and financial experience “explained he.

After the House leadership removed the Social Security System, the Government Service Insurance System, and the national budget from its list of fund sources, the initial capitalization of the most recent version of the proposed bill creating the MIF was reduced by more than half to just PHP110 billion from PHP275 billion.

The Secretary of Finance took up the President of the Philippines’ position as chairman of the MIF Corporation’s governing board.

To create a Philippine sovereign wealth fund that is modeled after the successful sovereign wealth funds around the world, House Bill 6398 was introduced on November 28.

Obtaining the best absolute return and attainable financial gains on its investments, as well as meeting the requirements of liquidity, safety/security, and yield to ensure the profitability of the respective funds of the government financial institutions, it seeks to ensure economic growth. These goals are accomplished by generating consistent and stable investment returns with appropriate risk limits to preserve and enhance the long-term value of the fund.

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