DBP president and chief executive Emmanuel Herbosa said Thursday that he fully supports the establishment of the pioneering sovereign wealth fund (SWF), sharing the sentiments of business leaders and leading economists on the need to boost invest-- READ:
the Maharlika Investment Fund Bill, which was recently approved on third and final reading in the House of Representatives.
Last week, the chamber approved on the third and final reading House Bill 6608 creating the MIF with an overwhelming vote of 279 lawmakers in favor of the measure, and only six voting against it and no abstentions.Herbosa said it is imperative to broaden investments in critical areas such as food, water, green energy, agro-industrial ventures, telecommunications, public infrastructure, and road network tollways, which can offer better rates of return and greater socio-economic impact.
Herbosa said the introduction of additional safeguards in the proposed measure such as heavy scrutiny by the Commission on Audit apart from regular examinations by both an internal and external auditor has assuaged concerns of various sectors. “At this juncture it’s best that we allow the bill to take its proper course in the legislative mill as I believe this would lead to a solid and watertight law in view of the purification and purging process that it underwent,” Herbosa said.
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DBP chief backs swift passage of Maharlika Investment Fund billThe president of Development Bank of the Philippines has expressed full support for the establishment of a SWF, citing the need to boost investments in critical sectors to sustain the country’s growth.
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DBP's Herbosa backs creation of Maharlika Investment FundDevelopment Bank of the Philippines (DBP) president and chief executive officer Emmanuel Herbosa on Thursday expressed support for the passage of the controversial Maharlika Investment Fund (MIF), citing "better rates of return."
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