The Senate committee on banks, financial institutions and currencies on Monday ended the hearings on the bills creating the Maharlika Investment Fund (MIF).
Senator Mark Villar, chairperson of the committee, referred the bills to a technical working group to thresh out the details and harmonize the concerns raised during the three hearings.Among the details that Senator Nancy Binay wanted to clarify in the bill was the composition of the board of directors that will manage the MIF.
National Treasurer Rosalia de Leon explained that there is a cap on how much can be invested in the MIC because foreign investors might hold the majority of the boards' position."Eh di lagay na lang natin don sa board na no foreign entity can be part of the board regardless of investment. 'Pag sinabi mong six regular members, Filipino lang ang pwedeng umupo don," Binay suggested.
Villar said the Department of Finance already indicated that they are open to changes to the board composition.that will manage the MIF was earier questioned by Senator Francis Escudero during the first hearing.
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