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    RA No. 11954 Maharlika Investment Fund Act 2023 - Summary

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    MP Manliclic
    This law establishes the Maharlika Investment Fund, a sovereign wealth fund that will invest in assets like currencies, bonds, real estate and infrastructure to generate returns. It creates the Maharlika Investment Corporation to govern and manage the fund. The corporation will have a 500 billion peso authorized capital from government banks and agencies and be overseen by a board of directors. It also establishes oversight and accountability measures like public reporting and a joint congressional committee.

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    RA No. 11954 Maharlika Investment Fund Act 2023 - Summary

    Uploaded by

    MP Manliclic
    100 views2 pages
    This law establishes the Maharlika Investment Fund, a sovereign wealth fund that will invest in assets like currencies, bonds, real estate and infrastructure to generate returns. It creates the Maharlika Investment Corporation to govern and manage the fund. The corporation will have a 500 billion peso authorized capital from government banks and agencies and be overseen by a board of directors. It also establishes oversight and accountability measures like public reporting and a joint congressional committee.

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    This law establishes the Maharlika Investment Fund, a sovereign wealth fund that will invest in assets like currencies, bonds, real estate and infrastructure to generate returns. It creates the Maharlika Investment Corporation to govern and manage the fund. The corporation will have a 500 billion peso authorized capital from government banks and agencies and be overseen by a board of directors. It also establishes oversight and accountability measures like public reporting and a joint congressional committee.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    100 views2 pages

    RA No. 11954 Maharlika Investment Fund Act 2023 - Summary

    Uploaded by

    MP Manliclic
    This law establishes the Maharlika Investment Fund, a sovereign wealth fund that will invest in assets like currencies, bonds, real estate and infrastructure to generate returns. It creates the Maharlika Investment Corporation to govern and manage the fund. The corporation will have a 500 billion peso authorized capital from government banks and agencies and be overseen by a board of directors. It also establishes oversight and accountability measures like public reporting and a joint congressional committee.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    REPUBLIC ACT NO.

    11954

    AN ACT ESTABLISHING THE MAHARLIKA INVESTMENT FUND, PROVIDING FOR THE MANAGEMENT,
    INVESTMENT, AND USE OF THE PROCEEDS OF THE FUND, AND FOR OTHER PURPOSES

    The Maharlika Investment Fund Act of 2023 (MIF) is a sovereign wealth fund that will be used to invest
    in a wide range of assets, including foreign currencies, fixed-income instruments, domestic and foreign
    corporate bonds, commercial real estate, programs and projects on health, education, research, and
    innovations that contribute to sustainable development, and infrastructure projects.

    There is hereby created a corporate body to be named as the “Maharlika Investment Corporation”
    (MIC) who shall act as the sole vehicle for the purpose of mobilizing and utilizing the Maharlika
    Investment Fund (MIF) for investments in transactions in order to generate optimal returns on
    investments (ROIs), while contributing to the overall goal of reinvigorating job creation and accelerating
    poverty reduction by sustaining the economy’s high growth trajectory, while ensuring sustainable
    development. The MIC shall govern and manage the Fund in accordance with the objective and
    purposes set forth in this Act and other laws, rules and regulations.

    Under this law, the MIC shall have an authorized capital stock of Five hundred billion pesos
    (P500,000,000,000.00) to be divided into five (5) billion shares, with a par value of One hundred pesos
    (P100.00) per share. The initial capital will come from the investible funds of the Land Bank of the
    Philippines (P50 billion), the Development Bank of the Philippines (P25 billion), declared dividends of the
    Bangko Sentral ng Pilipinas (P100% of dividends) as well as national government, its agencies or
    instrumentalities, government-owned and controlled corporations (GOCCs) or government financial
    institutions (GFIs).

    Further, government agencies and GOCC’s providing for the social security and public health insurance
    of government employees, private sector workers and employees, and other sectors and subsectors
    such as, but not limited to, the SSS, GSIS, Philhealth, Pag-IBIG Fund, OWWA, and PVAO Pension Fund,
    shall be absolutely prohibited, whether mandatory or voluntary, to invest in the MIF, provided that the
    investments from LBP, DBP, and other GFIs shall not exceed twenty-five percent (25%) of their net
    worth.

    There will be set of board of directors who will govern and oversee operations related to the MIF. To
    ensure transparency and accountability. There shall be nine (9) members of the BOD that composed of
    Secretary of Finance shall sit as the Chairperson in an ex officio capacity, President and Chief Executive
    Officer (PCEO) of the MIC as Vice-Chairperson, President and CEO of LBP, CEO of DBP, Two (2) regular
    directors and three (3) independent directors from the private sector.

    The MIC shall regularly publish terms and conditions of the arrangement, in the form and manner as
    determined by the Board, as well as all financial statements and reports relative to the operations of the
    joint venture and/or co-investment on its website, which shall be immediately updated and made easily
    accessible to the public. Investments and risk management plans, strategies and activities of the MIC,
    involving the MIF, shall be disclose and published on its website for easy access of the public. All
    documents of the MIF and the MIC shall be open, available and accessible to the public as may be
    allowed by law, in both English and Filipino.
    The financial statements and reports shall be prepared, in accordance with the relevant Financial
    Reporting Standards and Principles. The external auditor shall conduct annual audit for a maximum
    engagement period of three (3) consecutive years under such terms and conditions as may be
    determined by the BOD. The books and accounts of the MIC shall be subject to the examina tions and
    audit of the Commission on Audit pursuant to Article IX of the 1987 Philippine Constitution. The COA
    shall conduct a special audit every five (5) years.

    There shall be created a Maharlika Fund Joint Congressional Oversight Committee (MIF-JCOC) to
    oversee, monitor and evaluate the implementation of this Act that composes seven (7) members of
    each from House of Representatives and the Senate. The MIC shall make a quarterly confidential
    submission of all investments whether planned or under negotiation.

    A director or officer who willfully holds office while possessing any disqualifications or willfully conceals
    is a ground for disqualification and shall be punished with a fine ranging from Five million pesos
    (P5,000,000.00) to Seven million pesos (P7,000,000.00) at the discretion of the court and perpetual
    disqualification from holding public office. Any person, natural or juridical, who allow itself to be used
    for fraud, or for committing or concealing graft and corrupt practices – by the directors, officers or other
    emplotees of the MIC shall be liable for a fine ranging from One million pesos (P1,000,000.00) to Five
    million pesos (P5,000,000.00), imprisonment of six (6) years, and perpetual disqualification from holding
    public office.

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