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Manila Bulletin devider Philippines devider National devider Regulatory relief request from Maharlika fund backers LBP, DBP no big deal--Salceda

Regulatory relief request from Maharlika fund backers LBP, DBP no big deal--Salceda

Published Oct 12, 2023 02:17 pm

At A Glance

  • The relief request by the Land Bank of the Philippines (LBP) and the Development Bank of the Philippines (DBP) from the Central Bank for infusions to the Maharlika Investment Fund (MIF) is nothing to fuss about, said Albay 2nd district Rep. Joey Salceda.
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IMG-5ae0622b1e5f67928f088663067038e6-V.jpgAlbay 2nd district Rep. Joey Salceda (Rep. Salceda's office)

The relief request by the Land Bank of the Philippines (LBP) and the Development Bank of the Philippines (DBP) from the Central Bank for infusions to the Maharlika Investment Fund (MIF) is nothing to fuss about.

Thus, said Albay 2nd district Rep. Joey Salceda, one of the main defenders of the MIF in the House of Representatives.

"The request for regulatory relief relates to the capital adequacy requirements of both banks," Salceda said in a statement Thursday, Oct. 12.

"The nature of the relief will probably be to include their exposure to Maharlika as 'admissible' under the risk-weighting system of the BSP (Bangko Sentral ng Pilipinas). In simpler terms, there's nothing fancy here," said the economist-lawmaker.

"The BSP wouldn't be going out of its way in this case. Maharlika is a sui-generis investment by LBP and DBP, and it isn't currently listed as investments that count as "capital" under BSP rules," he noted.

"That's simply because prior to Maharlika, we didn't have this kind of vehicle in the country," explained Salceda.

He further said that the MIF--the country’s first sovereign wealth fund--is expected to be fully organized by the end of the year.

Salceda, who chairs the House Committee on Ways and Means, said initial investments for the MIF will likely be made by the first quarter of 2024.

Related Tags

Development Bank of the Philippines (DBP) Land Bank of the Philippines Maharlika Investment fund joey salceda
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