The Bangko Sentral ng Pilipinas (BSP) has assured congressmen that using the central bank’s dividends on the proposed Maharlika Wealth Fund (MWF) would not have any adverse effects on its gross international reserves (GIR).
The Bangko Sentral ng Pilipinas has assured congressmen that using the central bank’s dividends on the proposed Maharlika Wealth Fund would not have any adverse effects on its gross international reserves .
Taken up during the hearing was the funding provision of the unnumbered bill on the MWF, which basically is an investment-centric sovereign wealth fund. House Bill No.6398 or the proposed MWF Act is the precursor of the unnumbered bill. Under the BSP’s proposal, which House panel later accepted, the central bank will funnel 100 percent of its declared dividends to the MWF for its first year, based on amount of dividends in the year prior to the sovereign wealth fund’s enactment.
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