House Speaker claims prominent Japanese business group 'interested' in Maharlika fund

RG Cruz, ABS-CBN News

Posted at Feb 24 2023 06:12 PM

MANILA — House Speaker Martin Romualdez on Friday said a Japanese business group is interested in investing in the proposed Maharlika Investment Fund (MIF).

“This early, a prominent Japanese business group has already expressed his interest in the Fund,” Romualdez said.

Romualdez, however, did not name the potential investor.

“The Landbank, the Development Bank of the Philippines, and the Bangko Sentral ng Pilipinas are not the only organizations which can invest in Maharlika. Interested private corporations may also invest in the Maharlika Fund.” Romualdez explained.

The House of Representatives had already approved the MIF bill on final reading while the Senate is currently holding hearings on the proposal.

President Ferdinand Marcos Jr has dubbed the MIF a priority.

Romualdez said the House addressed concerns raised against the proposed sovereign wealth fund by ensuring there are adequate safeguards against its potential abuse.

“As far as the issue of possible misuse and abuse of the Fund, let me assure everyone that your House of Representatives is keenly aware of your concern. For this reason, we have seen fit to incorporate adequate safeguards in House Bill No. 6608 to ensure that the funds are invested properly. These safeguards are both proactive and punitive,” Romualdez said.

Critics of the MIF noted sovereign wealth funds in other countries were typically seeded with surplus government revenues. 

They also warned that the MIF may compromise the independence of the Bangko Sentral ng Pilipinas, and pose a risk to the DBP and Landbank.


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