Maharlika Fund bill, isinumite na sa Senado

Jeffrey Hernaez, ABS-CBN News

Posted at Mar 20 2023 09:07 PM

The Committee on Banks, Financial Institutions and Currencies chaired by Sen. Mark Villar resumes its scrutiny on measures seeking to establish the country’s sovereign wealth fund Wednesday, February 15, 2023. Bibo Nueva España, Senate PRIB
The Committee on Banks, Financial Institutions and Currencies chaired by Sen. Mark Villar resumes its scrutiny on measures seeking to establish the country’s sovereign wealth fund Wednesday, February 15, 2023. Bibo Nueva España, Senate PRIB

MANILA - Hinimok ni Senator Mark Villar ang mga kasamahan sa Senado na suportahan ang Senate Bill 2020 o Maharlika Investment Fund Act na malaki umano ang magagawa para sa ekonomiya at magpapabilis ng mga proyekto ng gobyerno lalo na sa inprastraktura.

Sa sponsorship speech ng senador, sinabi nitong kailangan ang panukala upang maipagpatuloy ang umano'y paglago ng ekonomiya ng bansa.

Dapat din umanong magpatupad na ng long term plan dahil sa mataas na inflation at mabagal na paglago ng ekonomiya na nararanasan din ng ibang bansa.

"For this reason, I am urging my fellow lawmakers to consider the passage of the Maharlika Investment Fund Act. This is a timely measure that should be given utmost attention and urgency by this Congress. As the Philippines’ first-ever sovereign wealth fund, it is designed to catalyze economic development by mobilizing government financial assets that are otherwise limited in use by current legal frameworks," aniya.

Layon din umano ng Maharlika Investment Fund Act na suportahan ang mga programa ni Pangulong Ferdinand Marcos Jr.

"The Maharlika Investment Fund will support the administration’s economic goals set in the Medium-Term Fiscal Framework, the 8-point Socioeconomic Agenda, and the Philippine Development Plan 2023-2028 in a way that will ease the pressure on the Government’s fiscal space. The MIF will quicken the implementation of NEDA-endorsed infrastructure projects, in particular big-ticket infrastructure such as in green and blue projects, countryside development, and other employment-generating 
projects," ani Villar.

Kabilang sa mga proyekto ang pagtatayo ng public road networks, tollways, green energy, water, agro-industrial ventures, at telecommunications.

"Some of our big-ticket priority projects may be undertaken by Maharlika Investment Corporation through co-investments with global financial institutions and multilateral partners, opening another corridor for Foreign Direct Investments. This is especially significant considering that the Philippines will soon lose its access to official development assistance as the country graduates to upper middle-income status. Moreover, sovereign wealth funds are tried and tested investment vehicles used by governments in developed and emerging countries to achieve their economic goals. Having our own sovereign wealth fund will grant us access to the world’s sovereign wealth fund community, which is abundant in opportunities for co-financing and knowledge transfer," paliwanag ni Villar.

Ayon pa kay Villar, magmumula ang paunang kapital ng Maharlika Investment Corporation sa Land Bank of the Philippines, Development Bank of the Philippines, at mga kontribusyon mula sa pamahalaan. Kabilang dito ang mga dividend remittance ng Bangko Sentral ng Pilipinas, bahagi ng pamahalan sa kita ng PAGCOR, at mga kita sa privatization at pag-transfer ng mga asset ng gobyerno.

"Landbank's investment to the Maharlika Investment Corporation will only account for around 3.7 percent of its investible funds, while the DBP’s investment will be equivalent to around 3 percent of its investible funds. These GFIs are likely to earn more than what they are earning now considering that they are investing in conservative investments such as government securities. The involvement of these GFIs as contributors of the initial seed fund is reasonable and will not crowd-out other lending obligations that they need to fulfill under their respective mandates. In fact, the expected return of Maharlika, which is estimated to be around 8.6 percent on average, is much higher than their cost of capital and the return in their current investment placements," aniya.

Sa panukala, pangungunahan ang Maharlika Investment Corporation ng Board of Directors na may siyam na miyembro. Magsisilbing Chairperson ang Secretary of Finance habang ang CEO ng Maharlika Investment Corporation ang magiging Vice Chairperson. 

Kabilang sa mga miyembro ang President at CEO ng Land Bank of the Philippines at Development Bank of the Philippines. Magkakaroon din ng dalawang regular na director at tatlong independent director mula sa private sector.

"The economic team will work closely with the Fund’s administrators as its Advisory Body to help ensure that they will comply with proper financial reporting and auditing standards. This is also to align investment decisions with fiscal and monetary policies. The Advisory Body shall be composed of the Secretary of the Department of Budget and Management, the Secretary of the National Economic and Development Authority, and the National Treasurer," ani Villar.

Tiniyak din ni Villar na mababantayan ng mabuti ang pondong ilalagak sa programa.

"First, the Board is required to appoint an Internal Auditor which shall be independent from the management of the MIC and shall be under the direct control and supervision of the Board of Directors. Second, an internationally recognized auditing firm will serve as the External Auditor of the Fund to audit its financial statements. Third, the books and accounts of the Fund shall be subject to the strict examination by the Commission on Audit. Fourth, a Joint Congressional Oversight Committee will be constituted to oversee, monitor, and evaluate the implementation of the MIF Act. This committee shall be composed of five (5) members each from the House of Representatives and the Senate. Finally, as an additional measure for transparency, all documents of the Fund and the Maharlika Investment Corporation shall be open, available, and accessible to the public," paliwanag ng senador.


Watch more News on iWantTFC
Bisitahin ang Patrol.PH para sa iba pang mga balita.