‘It is not run by the government. It is run by professional fund managers, and that is one of the main assurances that I had to give,’ President Ferdinand Marcos Jr. also says about the Maharlika fund
MANILA, Philippines – The Land Bank of the Philippines and the Development Bank of the Philippines remitted their P75-billion contribution to, infusing the controversial sovereign fund with start-up capital and paving the way for operations to start by the end of 2023.
According to Finance Secretary Benjamin Diokno, also the chairman of Landbank, the lender’s investment was already settled with the Bureau of the Treasury on Thursday, September 14. “We are witnessing a growing interest for investments in the MIF from multilateral financial institutions and foreign investors. With the regulatory requirements in place, and after securing the seed capital from state-run institutions, we are confident that the fund will be operational by year-end,” said Diokno in a statement on Friday, September 15.
Meanwhile, the DBP also remitted its investment to the Maharlika fund on Friday, DBP President and Chief Executive Officer Michael de Jesus confirmed. “We also remitted P25 billion today to the Bureau of [the] Treasury. All good,” De Jesus told Rappler.
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