Malampaya earnings, loans eyed as sources of Maharlika fund

Government earnings or royalties from Malampaya gas field, loans and proceeds from sale of state assets may be tapped for the Maharlika Investment Fund , a lawmaker defending the bill said on Tuesday.

“What the authors [of MIF] mentioned are royalties from oil exploration like Malampaya, as well as privatization of government assets like Pagcor ," Tieng said. Castro warned against using the Malampaya earning for purposes other than what was stated in the law.“The Malampaya fund has already been used for the fertilizer fund scam. And public borrowings are even included as a source of funds...so apparently we are even allowed to borrow for the capitalization of MIF,” Castro said.

The law states that “in the event of an agreement with an indigenous cultural community pursuant to the preceding section [requiring free and prior consent from the IP community], the royalty payment, upon utilization of the minerals shall be agreed upon by the parties.” “Ang magpapatakbo po nito ang ang pinakamagagaling na investors natin, kaya nga po ang minimum experience required ay 10 years sa banking and finance,” Tieng said.

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