Treasury: Bill provisions to prevent wrongdoings in Maharlika Fund management

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.

(There are many provisions in the law to ensure that whoever manages the fund will not commit any wrongdoing because they face substantial punishments.)

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.

The Senate approved the MIF bill on the third and final reading on May 31, 2023.

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 (Fund)."

As to the Landbank's P50 billion contribution to the MIF, de Leon  said that was a small percentage of the bank's funds.

On June 3, de Leon allayed fears that state-owned Land Bank of the Philippines would collapse should the proposed Maharlika Investment Fund (MIF) 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.

On Thursday, June 22, President Ferdinand "Bongbong" Marcos Jr. said he would immediately sign the MIF Bill into law once it reached his office. — Sherylin Untalan/DVM, GMA Integrated News