THE Philippine Stock Exchange, Inc. voiced its support for the proposed creation of the Maharlika Investment Fund , saying that it would help develop the country’s capital markets.
“Since the MIF seeks to attract and invest capital for big-ticket infrastructure projects, sustainable green and blue infrastructures and countryside development, we believe these investments will create a multiplier effect that would attract more fund-raising activities and portfolio investments and in turn contribute to the growth and development of our capital markets,” Mr. Monzon said.
On Thursday, the House of Representatives passed the bill on third and final reading, with 279 lawmakers voting for it, six voting against it, and zero abstaining.Under the proposed measure, the MIF will source its seed capital worth P110 billion from the dividends of the Bangko Sentral ng Pilipinas, and the investible funds of state-led financial institutions Land Bank of the Philippines and Development Bank of the Philippines.
Will they be transparent with the real performance of the fund? If they don’t PSE’s reputation will suffer.
PSE President Monzon is a crony of Marcos. Marcos entrusted a lot of things to this guy when they flew out of the country during the 80’s.
LBP and DBP suffers in this, but PSE benefits with the creation of another government fund and addition of a new PSE player, a big one at that.
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