'We support the calls to study the bill to ensure that risk management is in place,' National Treasurer Rosalia de Leon said in a statement.
There are eight measures included in the bill proposing the multi-billion peso Maharlika Investment Fund to ensure its integrity, the Bureau of the Treasury said on Wednesday.
Last week, lawmakers in the House of Representatives filed House Bill 6398 which seeks to establish the Maharlika Wealth Fund that targets to allow the government to invest surplus reserves in real estate and financial assets. De Leon enumerated the eight measures under the proposed sovereign wealth fund which will ensure its integrity.
The Treasury chief said the Advisory Board shall appoint an internal auditor who shall provide written interim financial and management reports. The sixth measure is that the Advisory Body will assist the board of directors in the formulation of general policies related to investment and risk management.
“Seventh, there will be a Joint Congressional Oversight Committee tasked to oversee, monitor, and evaluate the implementation of the Maharlika Wealth Fund Act,” de Leon said.
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