House approves Maharlika Investment Fund on third and final reading
The House of Representatives late Thursday approved a bill seeking to create the Maharlika Investment Fund on third and final reading.
With 279 affirmative votes and 6 negative votes, House Bill (HB) 6608 was approved.
President Ferdinand Marcos, Jr. earlier certified the measure as urgent after it was approved on second reading in the afternoon.
“Pursuant to the provisions of Article 6, Section 26 (2) of the 1987 Constitution, I hereby certify the necessity of the immediate enactment of House Bill (HB) No. 6608 entitled “An Act Establishing the Maharlika Investment Fund, Providing for the Management, Investment and Use of Proceeds of the Fund and Appropriating Funds therefore,” Marcos said in a message addressed to House Speaker Martin Romualdez.
Marcos said it was needed “in order to establish a sustainable national investment fund as a strategic mechanism for strengthening investment activities of top-performing government financial institutions and thus pump-prime economic growth and social development.”
The message was read during the plenary session by House Secretary General Mark Llandro Mendoza.
The new version of the bill lists the Land Bank of the Philippines, Development Bank of the Philippines (DBP), Philippine Gaming and Amusement Corp. (Pagcor), and Bangko Sentral ng Pilipinas (BSP) seed money sources.
Their initial contributions are P50 billion for Land Bank, P25 billion for DBP and BSP will give 100 percent of dividends.
Pagcor’s share will be 10 percent of gross gaming revenues.
The Social Security System and Government Service Insurance System have been removed as contributors to the fund.
The measure also lists “allowable investments,” including foreign currencies, metals, real estate, and infrastructure projects among others.
The amended version of the bill also penalizes various offenses such as internal auditor collusion, acting as intermediaries for graft and corrupt practices, and engaging in graft and corrupt acts which will be fined from P80,000 to P5 million.
Officials who misuse the funds can also be imprisoned for up to 20 years and fined up to P3 million.
The National Treasurer, in consultation with the founding government financial institutions, is directed to issue implementing rules and regulations.
The bill now has 280 co-authors, including Marcos’ cousin Romualdez and his son Sandro Marcos.
Two other priority bills were also approved on third reading including HB 1 or Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE) and HB 6687 or the National Citizens Service Training Program Act. Jaspearl Tan/DMS
