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Land Bank remits P50-billion contribution to Maharlika fund
Land Bank remits P50-billion contribution to Maharlika fund
ABS-CBN News
Published Sep 15, 2023 05:11 PM PHT
President Ferdinand Marcos Jr. signs Republic Act 11954 or the Maharlika Investment Fund Act in a ceremony at the Kalayaan Hall of Malacañan Palace in Manila on July 18, 2023. Rolando Mailo, NIB-PNA
MANILA — The Land Bank of the Philippines on Friday said it remitted a P50 billion contribution to the Maharlika Investment Fund (MIF).
In a statement, the bank said it made the investment to the sovereign wealth fund through the Bureau of the Treasury on September 14, Thursday.
The law requires Landbank and the national government to contribute P50 billion each to the MIF. The Development Bank of the Philippines will put in another P25 billion.
"With the regulatory requirements in place, and after securing the seed capital from state-run institutions, we are confident that the Fund will be operational by yearend," said Finance Secretary Benjamin Diokno.
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The implementing rules and regulations of the Philippines' first sovereign wealth fund were released in late August.
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