Senator Mark Villar detailed the oversight measures set in place “to ensure accountability and proper governance of the fund.” | BPinlacINQ
Villar said a joint Congressional oversight panel would likewise be formed with five members each from the Senate and the House of Representatives to “oversee, monitor and evaluate” the MIF implementation.
“The transactions of the Maharlika Investment Corporation and the MIF shall be subject to local and national taxes,” he noted.Villar outlined the source of funds for the initial capitalization of the MIF: Federation for Economic Freedom president Calixto Chikiamco had earlier said that the MIF would be acceptable as long as it does not seed money from the BSP and other government financial institutions .ADVERTISEMENT“The involvement of these GFIs as contributors to the initial seat fund is reasonable and will not cut out the other lending obligations that they need to fulfill under their respective mandates. In fact, the expected return of Maharlika, which is estimated to be around 8.
To ensure that the MIF will yield its expected gains, Villar said, “the fund will be established with the highest standards of accountability, fiscal responsibility, and good governance.”Villar explained that the MIC would be governed and managed by a nine-member board of directors, with the Secretary of Finance sitting as its chairperson.
“As policymakers, we have to take bold steps towards exploring measures that would contribute to high growth that cannot be easily reversed by external headwinds and future crises. This is a timely measure that should be given utmost attention and urgency by this Congress,” he stressed.
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