THE House Committee on Banks and Financial Intermediaries on Thursday approved the proposed law of President Ferdinand Marcos Jr. creating the P250-billion Maharlika Wealth Fund.
The bill also mandates the national government through the Treasury of the Philippines to provide P25 billion as investment. Under the bill, the Maharlika Wealth Fund, an independent fund, adheres to the principles of good governance, transparency and accountability. The fund shall be sourced from the investible funds of the country’s top-performing GFIs, the Treasury of the Philippines and Bangko Sentral ng Pilipinas.
For his part, Salceda, who was designated chairman of the TWG that hammered out provisions of the bill, said the TWG introduced sufficient safeguards to ensure that the fund will be governed properly, and will yield returns to pension funds and government banks.
Source: Law Daily Report (lawdailyreport.net)
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