Senator Mark Villar sees the total implementation of the proposed Maharlika Investment Fund, which faucets state property for funding initiatives, inside two years from its passage into legislation.
Villar, the principal writer of the MIF invoice within the Senate, made the prediction after the House agreed to the Senate’s model of the measure on Wednesday.
“It won’t reach two years. The Executive branch will very swiftly organize the Maharlika [Investment Corporation that will manage the fund],” Villar mentioned.
“The national government is ready to implement the Maharlika bill,” he added.
Villar then reiterated that the push for the MIF will assist the nation generate extra assets that are badly wanted in mild of huge authorities expenditures amid the COVID-19 pandemic.
“This is not a political move. This is for our economy. Having an investment fund is not a new concept. We need this for additional income and attract capital for our industries such as energy, agriculture, as well as for infrastructure projects,” he mentioned.
‘Next 10 administrations’
Senate President Juan Miguel Zubiri, for his half, mentioned the Senate invoice supplies hermetic safeguards towards fund misuse.
“The Maharlika fund is not only for this administration. It is for the next 10 administrations, so we want to make sure that there are safeguards in place against possible abuse,” he mentioned.
The MIF invoice supplies {that a} Director or Officer of the Maharlika Investment Corporation (MIC) who willfully holds workplace whereas possessing any of the disqualifications or willfully conceals grounds for disqualification shall be meted a tremendous of P5 million to P7 million on the discretion of the court docket and perpetually disqualified from holding public workplace.
When the violation of this provision is injurious or detrimental to the general public, the penalty will vary from P10 million to P15 million.
The MIF invoice additionally states that an impartial auditor who knowingly certifies the company’s monetary statements regardless of its gross incompleteness or inaccuracy, its failure to provide a good and correct presentation of the company’s situation, or regardless of containing false or deceptive statements, may even be fined P5 million to P7 million on high of a jail time of six years and perpetual disqualification from holding public workplace.
Those performing as intermediaries for graft and corrupt practices or any particular person, pure or juridical who permits himself/herself for use for fraud, or for committing or concealing graft and corrupt practices by the administrators, officers, or different workers of the MIC shall be responsible for a tremendous starting from P1 million to P5 million, a jail time of six years and perpetual disqualification from holding public workplace.
The MIF invoice additionally set a prescriptive interval for crimes dedicated underneath the MIF measure at 20 years.
The proper of the state to get better properties unlawfully acquired by the particular person concerned, nominees or transferees in embezzlement and misappropriation of MIF, nevertheless, won’t be barred by prescriptive interval, laches or estoppel.
“From the selection of the [MIC] officers who will undergo vetting process and penal provision contained in two to three pages [of the bill], and reiteration of the different laws under the penal code and under the special laws [on top of penalties under MIF bill]…I am very proud of this measure kaya nananawagan ako sa ating mga kababayan [na] huwag sila mag-alala [I appeal to the public that they do not need to worry],” Zubiri mentioned.
“Lahat na ng safeguards [ay] nilagay namin,” Zubiri added.
(We have put all of the safeguards in place.) — BM, GMA Integrated News
Source: www.gmanetwork.com
