THE Land Bank of the Philippines (Landbank) has remitted to the Bureau of the Treasury (BTr) its P50-billion contribution to the Maharlika Investment Corporation (MIC) as mandated by Republic Act 11954, which establishes the Maharlika Investment Fund (MIF), the first Philippine sovereign wealth fund aimed at boosting the country's economic growth.
Finance Secretary and Landbank Chairman Benjamin Diokno said the bank's P50-billion investment to the MIF has already been settled with the BTr on Thursday, September 14, 2023, following the enactment of the MIF enabling law and the issuance of its Implementing Rules and Regulations (IRR) by the BTr.
"We are witnessing a growing interest for investments in the MIF from multilateral financial institutions and foreign investors. With the regulatory requirements in place, and after securing the seed capital from state-run institutions, we are confident that the fund will be operational by yearend," said Diokno.
Landbank President and CEO Lynette Ortiz said the law creating the MIF has enough safeguards to protect the bank's invested funds.
"The MIF law has put in place adequate safety nets to ensure full disclosure and transparency in the management of the fund, as well as the integrity and professionalism of the management team that will be entrusted to lead the Maharlika Investment Corporation," Ortiz said.
On July 18, 2023, President Ferdinand Marcos Jr. signed into law Republic Act 11954, followed by the BTr's issuance of the IRR a month later on August 28, 2023.
The law authorizes Landbank and the National Government to provide P50 billion each as initial fund capital, while the Development Bank of the Philippines (DBP) will contribute another P25 billion. (PR)