The House of Representatives on Thursday night approved the Maharlika Investment Fund bill, which had earned the solid support of 90 percent or 282 out of the 312 members of the chamber who were officially named as co-authors of the measure.
Their initial contributions are P50 billion for Land Bank, P25 billion for and 100 percent of dividends the BSP will give the national government. Pagcor’s share will be 10 percent of gross gaming revenues. The body’s tasks include advising and assisting the board of directors in formulating general policies on investment and risk management.
Violations of any of the other provisions of the law or its amendments not otherwise specifically penalized therein shall be punished with imprisonment of not less than 6 years, but not more than 20 years, and by a fine of not less than P1 million to P3 million but not more than twice the value of the monetary instrument or property involved in the offense.
Earlier, the Department of Finance asked the President to certify the bill as urgent, documents obtained by reporters show.
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