Senate votes to pass bill creating controversial Maharlika Investment Fund

The Senate explicitly banned investments in the proposed MIF from the Social Security System, Government Service Insurance System, Philippine Health Insurance Corp., Home Development Mutual Fund, Overseas Workers Welfare Administration, and Philippine Veterans Affairs Office.

Sen. Sherwin Gatchalian sought to remove Bangko Sentral ng Pilipinas dividends as funding sources for the proposed MIF during the first two years after its creation. The Senate-approved MIF proposal imposes heavier penalties for anomalous activities concerning the MIF.Sen. Robin Padilla also urged to make available all documents relating to the MIF and Maharlika Investment Corp. in both English and Filipino. He argued that dissenters of the controversial measure might not be able to understand what the bill would intend to do.

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.

Senate passes Maharlika Investment Fund billThe Senate approved on early Wednesday on third and final reading the bill seeking to establish the Maharlika Investment Fund (MIF), a sovereign wealth fund that the government can use to make investments.
Source: gmanews - 🏆 11. / 68 Read more »

GSIS, SSS boards to decide on Maharlika Fund investment --- DioknoFinance Secretary Benjamin Diokno on Tuesday, May 30, said that it is up to the boards of directors of state pension institutions, such as the Social Security System (SSS) and Government Service Insurance System (GSIS), to invest into the proposed Maharlika Investment Fund (MIF).
Source: manilabulletin - 🏆 25. / 51 Read more »

Maharlika Investment Fund in need of ‘iron-clad’ provisionSENATE Minority Leader Aquilino “Koko” Pimentel III raised on Tuesday, May 30, 2023, the need for an “iron-clad” provision in the Maharlika Investment Fund (MIF) bill that...
Source: sunstaronline - 🏆 18. / 59 Read more »