STATE Banks will not be allowed to contribute to the Maharlika Investment Fund (MIF) on a staggered or installment basis, a Philippine senator on Wednesday said.
“The P75 billion [contribution of the Land Bank of the Philippines and the Development Bank of the Philippines] is the initial funding,” Senator Juan Edgardo “Sonny” M. Angara said at a plenary session tackling the proposed the 2024 national budget, citing Monetary Board member and former National Treasurer Rosalia V. de Leon.
Under the law establishing the MIF, the DBP and LANDBANK are required to contribute P25 billion and P50 billion, respectively, for initial funding of the MIF.
Senator Ana Theresia N. Hontiveros-Baraquel asked if these banks could remit to the MIF on a staggered basis, to which Mr. Angara replied: “The law provides that it [contribution] must be provided immediately… I’m told it’s (installment) not possible.”
The DBP has said it wants to recover its P25-billion contribution to the sovereign wealth fund until the law’s implementing rules and regulations (IRR) is lifted. The bank also proposed it should be allowed to provide funds to the MIF on a staggered basis. — John Victor D. Ordoñez
