A leader of the House of Representatives said the lower chamber is studying the Senate’s version of the Maharlika Investment Fund to ensure its faster approval in Congress. Know more:
A LEADER of the House of Representatives said the lower chamber is studying the Senate’s version of the Maharlika Investment Fund to ensure its faster approval in Congress.
Senate leaders had indicated they aim to have the certified bill approved on second and third reading this week, before going into recess until late July. In December 2022, the House approved on the third and final reading House Bill 6608 creating the MIF with “key safeguards that the lower chamber incorporated in the MIF bill to ensure proper utilization and prevent misuse of the sovereign wealth fund.”
“Of course, the House version was a ‘first draft,’ and we expected the conversation to continue, and we are ready to go to bicam, if need be,” Salceda said.If there is a bicameral conference called for the bill, Salceda said, and if he is made part of it, he will propose provisions on public listing and the inclusion of multilateral banks and institutions as strategic partners.
Salceda added that “government-linked companies also tend to attract a certain valuation premium when listed in the stock market, so I think it’s wise to offer it up for public ownership.” According to Salceda, listing also subjects the MIF to certain transparency and corporate governance standards.
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