According to House Committee on banks and financial intermediaries chairperson and Manila 5th District Rep. Irwin Tieng, they have approved the amendments mentioned during last Friday’s hearing of the Committee on appropriations, including the removal of the Government Service Insurance System and Social Security System allocations worth P175 billion from the pooled funds.
“In our penal provisions it was stated that […] any ‘director, trustee or officer who willfully and maliciously violates investment policies and guidelines set by the Board of Directors as defined pursuant to Section 19 of this act, or whose acts of gross negligence willfully misconduct, fraud, or actions in breach of any investment agreement, in a loss suffered by the fund, shall be liable jointly and severally for all damages resulting therefrom suffered by the corporation,’” he noted.
“Actually there is another provision here, Section 13, allowable investment. I just want to explain that they placed here that in the event that the Maharlika buys a company or invests in one, it cannot manage that company,” Tieng said.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: MlaStandard - 🏆 20. / 55 Read more »
Source: rapplerdotcom - 🏆 4. / 86 Read more »