As four of the country’s top GFIs committed to invest the seed money for the creation of a SWF, the House Committee on Banks and Financial Intermediaries on Tuesday approved in principle the establishment of the Maharlika Wealth Fund. Know more:
AS four of the country’s top government financial institutions committed to invest the seed money for the creation of a sovereign wealth fund , the House Committee on Banks and Financial Intermediaries on Tuesday approved in principle the establishment of the Maharlika Wealth Fund.
Other authors of the measure are House Majority Leader Manuel Jose “Mannix” M. Dalipe, senior Deputy Majority Leader Ferdinand Alexander A. Marcos, Tingog party-list Reps. Yedda Marie K. Romualdez and Jude A. Acidre, and Marikina City Rep. Stella Luz A. Quimbo. Under the bill, the four GFIs—to be known as the founding GFIs—are mandated to invest equity with a combined total of P250 billion to start up the fund.
In seeking approval of the measure, Quimbo, for her part, said the MWF—managed professionally and guided by the principles of good governance, transparency, and accountability—will yield the best return for the investment, providing the government with additional resources to address the country’s pressing problems.
House Ways and Means Committee Chairperson Joey Salceda said his panel has no objections to the provisions on tax exemption under HB 6398 as long as they would inure to the benefit of the MWF.
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