Objections were registered in the Senate on Monday to foreign board representation in the proposed Maharlika Investment Fund (MIF), though a Treasury official said foreign representation on the board is unlikely. READ:
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“Why don’t we just specify that no foreign entity can be part of the board regardless of investment and make the composition of board members less vague?” she said at the hearing. “Because of the limits that would be imposed on foreign investors, they would not be represented on the board,” she said. At a Feb. 15 hearing, BSP Deputy Governor Francisco G. Dakila, Jr. said that the central bank could take 14 years to reach its target capitalization if it is designated the main source of the MIF’s capital.
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PH’s existing investment arm seeks to ‘complement’ Maharlika fundThe National Development Company (NDC), the Philippine government’s investment arm, said Monday it could focus on investment gaps to “complement” the proposed Maharlika Investment Fund (MIF).
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Senate panel ends hearing on Maharlika Fund billsThe Senate committee on banks, financial institutions and currencies on Monday ended the hearings on the bills creating the Maharlika Investment Fund (MIF).
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Maharlika more acceptable now – BSP chiefBangko Sentral ng Pilipinas Governor Felipe Medalla sees the Marcos administration’s plan to set up a sovereign wealth fund as “more acceptable,” now that it clearly will not dip into the country’s foreign exchange reserves. | Philbizwatcher /PDI
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PH ‘missed the boat’ for Maharlika fund — national treasurerMANILA, Philippines — The Philippines “missed the boat” for the Maharlika Investment Fund (MIF), national treasurer Rosalia de Leon said on Monday. During the Senate committee on banks,
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Maharlika may put BSP at risk, warns senatorSenators raised their concerns over the Maharlika Investment Fund, with Sen. Sherwin Gatchalian pointing out that a P200-billion infusion from the Bangko Sentral ng Pilipinas would delay its capital buildup by at least 17 years. | melvingasconINQ /PDI
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Maharlika not acceptable without major changes – Colmenares to BSP chiefThe proposed Maharlika Investment Fund is not yet acceptable as no major changes have been made to the bill, former Bayan Muna Rep. Neri Colmenares said in a statement. | GabrielLaluINQ
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