In its position paper on Senate Bill 1670, the GCG pushed for the creation of a Maharlika Investment Corporation, which is envisioned to be an independent corporate body under the proposed bill. The MIC is intended to govern and manage the proposed state investment fund.
The GCG also said that since funding from government financial institutions and GOCCs may affect their respective investment strategies and performance scorecards, the proposed investments to the MIC must necessarily be within and allowed by their respective charters. GCG’s comments were submitted to the Senate Committee on Banks, Financial Institutions, and Currencies on Jan. 30, 2023.
Senate Bill No. 1670 was filed on Jan. 12, 2023, which serves as the counterpart bill for the measure approved by the House.
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