The Senate authorized on early Wednesday on third and remaining studying the invoice in search of to determine the Maharlika Investment Fund (MIF), a sovereign wealth fund that the federal government can use to make investments.
A complete of 19 senators voted in favor of the invoice, whereas Senator Risa Hontiveros objected to it. Senator Nancy Binay abstained from voting.
JUST IN: Voting 19-1-1, Senate approves on third and remaining studying the proposed Maharlika Investment Fund Act of 2023 @gmanewsbreaking @gmanews
— Hana Bordey (@HanaBordey) May 30, 2023
The marathon discussions that took greater than 12 hours ended at round 2:30 a.m.
A bicameral convention committee assembly is ready at 11 a.m. Wednesday to harmonize the variations of the invoice of the Senate (SB 2020) and the House of Representatives (HB 6608).
The Senate delegation to the bicam might be composed of Senators Mark Villar, Pia Cayetano, Bato dela Rosa, Sherwin Gatchalian, Francis Tolentino, Pia Cayetano and Aquilino “Koko” Pimentel III.
The measure was earlier licensed as pressing by President Ferdinand Marcos Jr., which accelerates the method of approval in each chambers.
According to the invoice, the MIF might be created by the funds which might be sourced from:
- Land Bank of the Philippines (LBP): P50 billion
- Development Bank of the Philippines (DBP): P25 billion
- National Government: P50 billion
The contribution from the nationwide authorities will come from the next sources:
- Bangko Sentral ng Pilipinas’ complete declared dividends
- National authorities’s share from the earnings of PAGCOR
- Properties, actual and private recognized by the DOF-Privatization and Management Office
- Other sources equivalent to royalties and/or particular assessments
Among the main amendments launched to the measure was absolutely the prohibition of the usage of funds of the Government Service Insurance System (GSIS), Social Security System (SSS), Philippine Health Insurance (PhilHealth) company, Pag-IBIG, Overseas Workers Welfare Administration (OWWA), Philippines Veterans Affairs Office (PVAO) within the capitalization and investments within the Maharlika fund.
“The rationale for this as many of our colleague including this representation has manifested on the floor in as much as we truly hope that the fund will be successful, we would like to ensure that the pension fund and aforementioned funds would not be touched to at least preserve this because we have experienced in the past the hard-earned money of our people were lost,” Cayetano mentioned throughout the Senate session.
The enhance in capitalization of the Maharlika Investment Corporation which is able to handle the MIF will even be topic to Congress’ approval.
The MIC board of administrators might be composed of the Secretary of Finance as chairperson in an ex-officio capability; president and chief government officer of the MIC as vice chairperson; president and CEO of LBP; resident and CEO of the DBP; two common administrators; and three unbiased administrators from the personal sector.
“Provided that in case of a merger, consolidation, or abolition of any founding GFIs (government financial institutions), the seat on the board of the absorbed, dissolved or abolished GFIs shall be filled by the next highest ranking officer of the GFI who has assumed the rights of the absorbed, dissolved, or abolished GFIs,” the modification of Section 20 of the Senate Bill 2020 said.
The measure additionally said that common administrators shall be appointed by the President upon suggestion of the advisory board for a time period of three years. However, in case of removing or resignation, the appointment to any emptiness shall solely be for the unexpired time period of the predecessor.
It mentioned that the appointment of a daily director to fill such emptiness shall be in accordance with the way offered for normal nomination, shortlisting, and appointment of standard administrators.
Meanwhile, the invoice additionally prohibited the appointment of MIC members with pending judicial and administrative instances associated to fraud, plunder, corrupt practices, money-laundering, tax evasion, or any related crimes involving misuse of cash or breach of belief.
The proposed invoice likewise said that “as any person, natural or judicial, who allows itself to be used for fraud, or for committing or concealing graft and corrupt practices — by the directors, officers, or other employees of the MIC — as defined under pertinent laws, rules, and regulations shall be liable for a fine ranging from P1 million to P5 million, perpetual disqualification from public office, and imprisonment of six years.”
Under the measure, an oversight panel composed of seven members every from the 2 chambers of Congress might be fashioned to supervise, monitor, and consider the implementation of the proposed regulation.
The MIF-Joint Congressional Oversight Committee (JCOC) might be co-chaired by the chairpersons of the House Committee on Banks and Financial Intermediaries, and the Senate Committee on Banks, Financial Institutions, and Currencies.
Further, all paperwork associated to the proposed invoice and the Maharlika Investment Corporation might be simply accessible to the general public and might be supplied with Filipino translations to advertise transparency.—LDF, GMA Integrated News
Source: www.gmanetwork.com
