SENATE President Juan Miguel Zubiri signed on Wednesday, June 21, 2023 , the controversial bill seeking the creation of the Maharlika Investment Fund at the Philippine Embassy in Washington.
Philippine Ambassador to Washington Jose Manuel Romualdez and Senator Francis Tolentino witnessed the signing. The House of Representatives and the Senate approved on May 31 the upper chamber’s version of the MIF bill amid criticisms.The MIF is a sovereign wealth fund that will be used to invest in a wide range of assets, including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, commercial real estate, and infrastructure projects.
Senator JV Ejercito said on Tuesday, June 20, 2023, that there were minor errors fixed in the bill, although he is not aware of how the conflicting provisions such as on prescription period were resolved.
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