The Maharlika Investment Corp. (MIC) is on-track to be operationalized before the end of the year after it received the P50 billion seed fund from the Land Bank of the Philippines (LandBank), Finance Secretary Benjamin Diokno said.
The LandBank disclosed on Friday that it has settled with the Bureau of the Treasury (BTr) its P50 billion share for the initial capitalization of the MIC, which would oversee the country’s first sovereign investment fund.
“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,” Diokno, who chairs LandBank, was quoted as saying in a news release on Friday.
LandBank President and CEO Lynette V. Ortiz assured the bank’s stakeholders that the Maharlika Investment Fund (MIF) act has sufficient safeguards to protect the bank’s invested funds.
“The MIF law has put in place adequate safety nets to ensure full disclosure and transparency in the management of the Fund, as well as the integrity and professionalism of the management team that will be entrusted to lead the Maharlika Investment Corporation,” Ortiz said.
Under the MIF act, LandBank will provide a P50-billion initial fund capital while the Development Bank of the Philippines (DBP) will contribute P25 billion.
MIF gets P50-B seed fund from Landbank, operations to begin end-2023
