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Saturday, February 24, 2024

DBP remits P25B to Treasury for Maharlika Fund

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The state-run Development Bank of the Philippines has remitted P25 billion to the Bureau of Treasury as its share in the initial seed capital of the country’s pioneering sovereign wealth fund.

DBP President and Chief Executive Officer Michael de Jesus said the bank deposited the amount ahead of the Sept. 17 deadline set by Republic Act No.11954 or the Maharlika Investment Fund Act of 2022.

“DBP is enthused with our full contribution to the MIF,” De Jesus said.

“We are one with President Ferdinand Marcos Jr. in ensuring the immediate establishment of the Maharlika Investment Corporation which would shepherd the initiatives that would reshape and redefine the country’s economic landscape,” he added.

Under the law, the national government, DBP and Land Bank of the Philippines are mandated to provide the initial capital of the MIC, contributing P25 billion and P50 billion each, respectively.

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LandBank said on Friday it has already remitted to the Treasury its P50-billion contribution to the Maharlika Fund.

Finance Secretary Benjamin Diokno said the completion of the remittance of the two largest state-owned financial institutions in the country would pave the way for the full operationalization of the MIC.

“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,” Diokno said.

“DBP foresees that in the next four to five years, the country should be reaping the gains from both on the financial and developmental fronts as a result of the trailblazing activities of the MIC,” De Jesus added.

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