The government banks providing capital to the Maharlika Investment Fund (MIF) have no clear claim on the fund’s returns in the bill setting up the proposed sovereign wealth fund, a Senate committee heard. READ:
Senator Francis Joseph G. Escudero on Wednesday asked economic managers to provide specifics on how the Land Bank of the Philippines and the Development Bank of the Philippines will share in the returns of the MIF.
National Treasurer Rosalia V. de Leon said that the bill may need further clarification with regard to the government banks’ share of the pro“The carved-out 25% will really just accrue for the investment of the National Government… so definitely there would also be dividends that would be declared for LANDBANK and DBP because of their contributions to the fund,” she said.The Bangko Sentral ng Pilipinas has also been proposed as a funder at some point in the legislative process.
“If you want proper corporate governance, isn’t it only right that LANDBANK have proportional representation on the board, so that can protect the bank’s investments,” he said. Governance Commission for Government-Owned or -Controlled Corporations Commissioner Gideon DV. Mortel said the banks will be obliged to explain to their regulator, the GCG, the returns they will realize from Maharlika.
Finance Secretary Benjamin E. Diokno, speaking at the hearing, said that the passage of the Maharlika bill will likely accelerate the completion of infrastructure projects.
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