Albay 2nd district Rep. Joey Salceda has practically guaranteed the approval of the tax provisions of House Bill (HB) No.6398 or the proposed Maharlika Investment Fund (MIF), also known as the Maharlika Wealth Fund (MWF).
Salceda chairs the House Committee on Ways and Means, and he says his panel is ready to approve the sought tax exemptions of the MIF come Monday, Dec. 5.
Incidentally, the committee that HB No.6398 was mainly referred to--the Committee on Banks and Financial Intermediaries--has yet to officially approve the measure. However, it is expected to do so during its next hearing Thursday morning, Dec. 1.
Under HB No.6398, the MIF and the proposed Maharlika Investment Council will be exempted from any form of direct or indirect taxes, including value added tax, documentary stamp taxes, assessments, fees, charges, and customs import duties.
“We will allow all the exemptions that were listed for as long as they inure to the MIC and the MIF,” Salceda said during the Committee on Banks and Financial Intermediaries hearing Tuesday, Nov. 29, when HB No.6398 was first discussed.
The economist-lawmaker further expressed confidence that the MIF would be profitable just like the National Development Corporation (NDC), which is an investment arm of the government.
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“This one is an aggressive one and I do agree this one is almost like ang (the) NDC. Hindi ho ako natatakot (I'm not afraid of it) because I’ve seen the NDC...much of their investment actually made money,” added Salceda.
The proposed MIF is a pet measure of House Speaker Martin Romualdez.