Transparency isn't a mere afterthought in the proposed Philippine sovereign wealth fund, dubbed the Maharlika Investment Fund (MIF).
House Speaker Martin Romualdez gave this assurance to Filipinos Sunday, Dec. 18, or just three days removed from the MIF Bill's passage on third and final reading by the House of Representatives.
The investment fund is contained in House Bill (HB) No.6608, of which Romualdez is a principal author.
“During the lengthy and exhaustive plenary deliberations on 6608, we have adopted various safeguards to ensure we can achieve the objectives of the Maharlika Investment Fund, and one of such is a provision to ensure transparency on relevant financial matters pertaining to the MIF,” Romualdez said.
The Leyte 1st district congressman noted that under the plenary-approved HB No.6608, a provision specifically stated that the public can exercise the right to freedom of information (FOI) regarding MIF financial matters.
A member of the House minority bloc, ACT Teachers Party-list Rep. France Castro, proposed the FOI provision during the period of individual amendments in the plenary deliberation on the measure.
Albay 2nd district Rep. Joey Sarte Salceda, chairman of the technical working group (TWG) on HB No.6608, noted that such a safeguard is actually embodied in Section 29 of the measure. In the end, he still agreed to accept the amendment proposed by the Makabayan bloc member.
“The third reading version now creates an MIF that is significantly more transparent and accountable than the committee report. I am proud of the work of the technical working group (TWG), which included recommendations from the minority,” Salceda said.
Under Section 43 of the approved HB No.6608, all documents of the MIF and the Maharlika Investment Corporation—the independent body created to manage the fund-- shall be open, available, and accessible to the public.
READ THIS:
https://mb.com.ph/2022/12/17/lagman-explains-no-vote-avalanche-of-amendments-on-mif-not-enough/
These documents include, but are not limited, to the following: (a) All investments thereof, whether planned or under negotiation by the MIC and on the portfolio of the MIF; (b) The statements of assets and liabilities (SALNs) of the members and officials of the board of directors, risk management unit, and advisory board; (c) The SALNs of those who appointed and designated the said members and officials; (d) Audit documents from the internal auditor, external auditor, and the COA; and(e) Similar documents and information.
The measure also provides that the records on the MIC pertaining to its investment activities shall be secured and maintained pursuant to the rules of the National Archives of the Philippines.
In addition, the disclosure rules under Republic Act (RA) No. 8799 or the Securities Regulation Code, Republic Act No. 11232, or the Revised Corporation Code, and other relevant laws, rules, and regulations shall apply to the MIC.