Having the state-owned banks infuse all their investable funds into the proposed Maharlika Investment Fund would not be a good idea as these should be channeled into diversified assets, a top official of the government’s economic team said.
“I don’t think that is a good idea as again, the portfolio of LandBank has to be diversified enough to allow it to absorb ,” he said. The LandBank is mandated to promote countryside development while remaining financially viable, while the DBP is mandated to provide banking services principally to cater to the medium and long-term needs of agricultural and industrial enterprises with emphasis on small and medium-scale industries.
The MIF initially aimed to have a capital of P275 billion with P175 billion coming from the Government Service Insurance System and the Social Security System , but lawmakers dropped these funding sources to douse public opposition.
“I don’t think that is a good idea as again, the portfolio of LandBank has to be diversified enough to allow it to absorb (shocks),” he said.
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