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Senate passes Maharlika Investment Fund bill

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The 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.

A bicameral conference committee meeting is set at 11 a.m. Wednesday to harmonize the versions of the bill of the Senate and the House of Representatives .

“The rationale for this as many of our colleague including this representation has manifested on the floor in as much as we truly hope that the fund will be successful, we would like to ensure that the pension fund and aforementioned funds would not be touched to at least preserve this because we have experienced in the past the hard-earned money of our people were lost,” Cayetano said during the Senate session.

“Provided that in case of a merger, consolidation, or abolition of any founding GFIs , the seat on the board of the absorbed, dissolved or abolished GFIs shall be filled by the next highest ranking officer of the GFI who has assumed the rights of the absorbed, dissolved, or abolished GFIs,” the amendment of Section 20 of the Senate Bill 2020 stated.

Meanwhile, the bill also prohibited the appointment of MIC members with pending judicial and administrative cases related to fraud, plunder, corrupt practices, money-laundering, tax evasion, or any similar crimes involving misuse of money or breach of trust.

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