MANILA — House Speaker Martin Romualdez stated on Sunday that transparency is one of the safeguards included into the Maharlika Investment Fund (MIF) bill to guarantee it is used appropriately and is not abused by any administration.
This comes after the House of Representatives decisively adopted House Bill (HB) No. 6608, one of President Ferdinand R. Marcos Jr.’s priority measures, on the third and final reading on December 15.
“During the lengthy and comprehensive plenary deliberations on HB 6608, we implemented several protections to ensure we can realize the objectives of the Maharlika Investment Fund,” Romualdez stated.
According to HB 6608, a section expressly states that the public has the right to freedom of information about MIF financial problems.
During the period of individual amendments in the measure’s plenary deliberation, Rep. France Castro of the ACT Teachers Party-list presented the provision.
The chairman of the technical working group (TWG) on HB 6608, Albay 2nd District Rep. Joey Sarte Salceda, highlighted that such a safeguard is actually included in Section 29 of the measure under discussion, but he decided to accept the modification suggested by the Makabayan bloc member.
“The third reading version now creates a MIF that is much more transparent and accountable than the committee report. “I am proud of the work of the Technical Working Group, which includes minority views,” Salceda remarked.
All papers of the MIF and the Maharlika Investment Corporation—the independent entity created to manage the fund—must be transparent, available, and accessible to the public, according to Section 43 of the passed HB 6608.
These documents include, but are not limited to: (a) all investments thereof, whether planned or under negotiation by the MIC and on the MIF’s portfolio; (b) the statements of assets and liabilities (SALNs) of the members and officials of the board of directors, risk management unit, and advisory board; (c) the SALNs of those who appointed and designated the said members and officials; and (d) audit documents from the internal auditor, external auditor, an independent auditor, and an independent auditor.
The law also requires the MIC to safeguard and keep records relevant to its investment activities in accordance with the standards of the National Archives of the Philippines.
Furthermore, the MIC is subject to the disclosure rules outlined in Republic Act (RA) No. 8799 or the Securities Regulation Code, Republic Act (RA) No. 11232 or the Revised Corporation Code, and other applicable laws, rules, and regulations.
The MIF is covered by Executive Order (EO) No. 2, s. 2016, which operationalizes in the Executive Branch the constitutional right of the people to information and State policy.
The MIF was established by HB 6608 to support economic development by making strategic and lucrative investments in essential sectors. It also set aside at least 25% of the MIC’s net income for social welfare projects.
In the Philippine Senate, Senate Minority Leader Aquilino “Koko” Pimentel III said he will seek explanation on the disputed Maharlika Investment Funds’ name change (MIF).
In a radio interview, Pimentel stated that Senate President Juan Miguel Zubiri told him that the proposed measure in the Senate would be treated fairly, would go through hearings, and would follow Senate norms.
“Lahat ay tutukan form and substance, name, legislative history and pagbabago ng anyo, pati titulo, dati soverign fund ang concept, ngayon Maharlika Investment Fund (MIF) na, titingnan natin ang final na kopya at ikumpara sa orihinal,” Pimentel said.
Pimentel defined sovereign money as a country’s surplus funds that can be utilised for other investments.
Source: PNA News