The debates on the proposed Maharlika Investment Fund bill (MIF) will now move to the Senate plenary floor following the conclusion of committee hearings on it.
After the third hearing on Monday, Committee on Banks, Financial Institutions and Bank Currencies chairperson Sen. Mark Villar said there are many things to be clarified in the recommended bill pushing the country’s first sovereign fund.
Villar then directed the Senate Technical Working Group to meet on Wednesday to tackle the bill.
Based on Senate policy, Villar, who filed the bill, will draft the committee report on the MIF Bill before being routed for the signature of other senators.
Once most senators sign the bill, it will then be submitted for plenary debates.
In the last hearing, National Treasurer Rosalia de Leon related that during the planned ten-year investment in the MIF, 6.5 percent will be earned in conservative investments like the money market.
This will even reach 10.78 percent if placed in sectoral investments like power, real estate, infrastructures and logistics, she added.
Senators Win Gatchalian and Nancy Binay questioned how foreigners will be enticed in the fund to invest since there are no positions for them in the board of the Maharlika Investment Corporation that will manage the sovereign fund.
De Leon responded that foreigners will not be allowed to sit in the Board and their investments will only be limited.
If there’s no limitations in their investments, De Leon noted foreigners might get the majority shares of the Maharlika firm.