With finality, President Ferdinand "Bongbong" Marcos Jr. will not participate in the management of the Maharlika Investment Fund (MIF) but will just become head of its advisory board.
The President, however, would have the power to remove members of the board, according to Senate President Juan Miguel Zubiri during a press conference today.
Zubiri met Senate reporters to explain what took place during a briefing for senators by economic managers of the Marcos administration on the merits of the proposed sovereign fund last night.
On the matter of appointment to the MIF board, Zubiri said he wanted to see the criteria.
More details of the briefing would be expanded or clarified in tomorrow’s public hearing by the Senate banks committee chaired by Senator Mark A. Villar.
"My instruction to Senator Villar is that he should give time to all sectors, wag nyang madaliin ito (don’t rush it)," Zubiri said.
He said he is thankful that the President himself wanted the Senate to hear the different aspects of the bill.
"He wants to make sure that the funds are there, the management team are stricter, safeguards are in place," he added.
The Senate chief said the Senate hearing should be done weekly until the break so that Villar could sponsor it on the Senate floor "before the break or when we come back. we will not rush this measure and make sure all points are covered."
"So what was discussed yesterday the MIF is the first sovereign fund of the Philippines set in medium-term economic goals, according to them," Zubiri said.
Initial funding for the MIF could come from the Land Bank of the Philippines (LBP) contributing P50-billion; Bangko Sentral ng Pilipinas (BSP) at P17-billion; Development Bank of the Philippines (DBP) at P25-billion; and Philippine Amusement and gaming Corporation (PAGCOR) at 10 percent of its gross income which is about P6-billion.
Zubiri said the economic managers are looking at natural resources such as mining.
They are also looking at privatising state assets such as ‘’Kaliraya and Polanggi’’’ hydro power plants and then the fund would go to MIF, he explained.
Zubiri likewise said ‘’there should be an increase in investment on big ticket infrastructure railway systems, energy, regional hubs, return have to be bigger than safer investment like bonds, dapat mas malaking kita (they should yield big profits), they are looking at utilities, highway railways tollways. para kumita ng malaki ang pondong ito (the Fund should have bigger profits). accountability at transparency ng transactions, they guaranteed the highest standard of accountability and transparency.’’
‘’Internal auditor, assigned as well as Commission on Audit (COA), double auditing procedure will be followed; internal auditor will be one of reputable backgrounds. internationally known accounting firm. Funds will be in good hands. Selection of fund management group will have strict criteria, unquestionable reputation, exempt fund management team from SSL (salary standardization law),’’ he added.
The Senate chief said that there would be a congressional oversight commission that would check on where the funds go and how it would be guarded.