The Bureau of the Treasury (BTr) said on Saturday that provisions in the Maharlika Investment Fund bill would prevent any wrongdoings in the management of the MIF.
"Marami pong provisions ‘dun sa batas to ensure na whoever is managing the fund, they will not commit any wrongdoing dahil malaking punishment ang hinaharap nila,” said National Treasurer Rosalia de Leon in JP Soriano's on 24 Oras Weekend" report.
The draft bill passed on the Senate floor provides a 10-year prescriptive period for crimes punishable under the measure, while another section in the same bill provides for a 20-year prescriptive period.De Leon also said there were safeguards in screening Maharlika Fund investment endeavors and projects.
"Meron pong mga safeguards in terms of how to screen 'yun pong mga investment endeavours ng mga investment projects na gagawin po ni Maharlika ." As to the Landbank's P50 billion contribution to the MIF, de Leon said that was a small percentage of the bank's funds.should the proposed Maharlika Investment Fund fail.
She noted that Landbank's investment in the MIF was only P50 billion or less than 3% of its P1.3-trillion investible funds.into law once it reached his office.
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