The Governance Commission for GOCC (GCG) backed the inclusion of a provision in the Senate’s version of the MIF that would mandate allocating at least 25 percent of the net profits of the proposed sovereign wealth fund for poverty alleviation programs.
THE Governance Commission for GOCC on Monday backed the inclusion of a provision in the Senate’s version of the Maharlika Investment Fund that would mandate allocating at least 25 percent of the net profits of the proposed sovereign wealth fund for poverty alleviation programs.
“The GCG, therefore, supports the inclusion of the provision in SB No. 1670 providing at least 25 percent of the net profits of the MIC [Maharlika Investment Corp.] to families living below the poverty threshold,” it said in a statement. “The Governance Commission noted that the MIC bears the attributes of a Government-Owned or -Controlled Corporation [GOCC] such as its charter, functions relating to public needs, and state ownership,” it said.