The new version of the Maharlika Investment Fund pending approval in Congress dropped the Bangko Sentral ng Pilipinas’ other controversial sources of funding and is now eyeing an initial public offering (IPO), Albay 1st District Rep. Joey Salceda-- READ:
sources of funding and is now eyeing an initial public offering , Albay 1st District Rep. Joey Salceda said on Friday.
“I am not sure whether I should be revealing this, but right after Christmas, we were commissioned — me and three others — to rewrite, essentially re-engineer the Maharlika Investment Fund,” Salceda told ANC.“Basically, it’s very new. It’s basically securitization of about P44.3 billion in annual dividends, these are real surpluses…These are dividends by GOCCs, by their nature, they are already surpluses,” Salceda said.
He justified the move — which came after a lot of revisions were already made before the House approved the MIF on the third and final reading last December 15 — as “essential” in shepherding the law to passage after a Senate review and getting the foreign investors on board. “The proposed sovereign wealth fund will help President Ferdinand Marcos Jr. keep the country on the high-growth path. We want to assure the public that the management of the fund will follow best practices and the principles of transparency and accountability,” he said.
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