Multilateral lenders, including the IFC of the World Bank and the ADB, have held initial 'talks' with the Philippine government over the setup of its first sovereign wealth fund, but 'no commitments' have yet been made, according to the DOF.
— Multilateral lenders, including the International Finance Corporation of the World Bank and the Asian Development Bank, have held initial"talks" with the Philippine government over the setup of its first sovereign wealth fund, but"no commitments" have yet been made, according to the Department of Finance .
The board of the Land Bank of the Philippines, one of the two state-run banks that are founding members of the Maharlika fund, has approved its ₱50-billion contribution, Diokno said. Together, the two state-owned banks will beef up the fund with ₱75 billion in initial seed money, but Diokno said he can easily raise that to ₱100 billion given that the Bangko Sentral ng Pilipinas has remitted ₱31.86 billion in dividends in favor of the national government.
"It is safe to say that the fund is well-capitalized at the very start and we can start before end-year if there are investible projects where we can apply those money, the ₱100 billion," Diokno said.The seed capital contributed by the founders allows them to subscribe to shares in the MIC – the corporation managing the fund – which has an authorized capital stock of ₱500 billion.
Asked if multilateral institutions like the World Bank, through its investment arm IFC, and the ADB signified interest in subscribing to shares in the MIC, National Treasurer Rosalia de Leon said:"What we'd like to do is to have a conversation with them kasi they'd like to see muna [because they'd like to see first] the investment policy and also the IRR.
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