ADVERTISEMENT
Manila Bulletin devider Philippines devider National devider Pagcor eyes up to P4-B contribution to Maharlika fund

Pagcor eyes up to P4-B contribution to Maharlika fund

Published Aug 14, 2023 07:21 am

At A Glance

  • If the Philippine Amusement and Gaming Corporation's (Pagcor) interpretation of the Maharlika Investment Fund (MIF) Law is spot on, then the agency could end up contributing between P3.6 billion and P4 billion to the sovereign wealth fund. 

DOF, AMLC beef up accord vs. money laundering(MANILA BULLETIN)

If the Philippine Amusement and Gaming Corporation's (Pagcor) interpretation of the Maharlika Investment Fund (MIF) Law is spot on, then the agency could end up contributing between P3.6 billion and P4 billion to the sovereign wealth fund.

On Monday, Aug. 14, Pagcor Chairman Alejandro Tengco attended the agency's budget briefing before the House Committee on Appropriations under the ongoing discussions on the P5.768-trillion National Expenditure Program (NEP).

During the hearing, Baguio lone district Rep. Mark Go asked how much Pagcor would be contributing to the seed money of the MIF.

Tengco answered by the saying that he wants to be clarified on whether or not Pagcor's 10 percent contribution to the MIF would come from the 50 percent in profits that they transmit to the national government.

"Doon po sa 50 percent na yun, humihingi po kami ng clarification ngayon, dapat po e doon kami kukuha ng mai-invest sa Maharlika Investment Fund (From that 50 percent, we're asking for clarification right now, that's where we should get the capital for the Maharlika Investment Fund)," Tengco told Go.

"So kung ang tinitignan po natin sa taong 2024 ay P36 to 40 billion ang magiging contribution po ng Pagcor sa national [treasury], so, at kung tama po ang interpretasyon namin, ay makakapag contribute kami dapat sa Maharlika fund ng anywhere between P3.6 to P4 billion," said the Pagcor chief.

(So if we look at the P36 to P40 billion that Pagcor will contribute to the national treasury in 2024, and if our interpretation is correct, then we will contribute anywhere between P3.6 to 4 billion to the Maharlika fund.)

Tengco said he wants to know from the Department of Finance (DOF) whether or not Pagcor can draw investible funds for the MIF from its retained earnings.

“Amin na pong tinitignan ngayon at humihingi kami ng klaripikasyon kung yun pong retained earnings naming na nasa bangko lamang ay pwede din naming i-invest doon, a certain percentage of that, to the Maharlika fund," he said.

(We're looking at it now, we've sought clarification if we can use our retained earnings in the banks to invest in, a certain percentage of that, to the Maharlika fund.)

Signed into law by President Ferdinand "Bongbong" Marcos Jr. late last month, Republic Act (RA) No.11954 or the MIF holds the promise of unlocking new opportunities and faster-paced progress through investments in key sectors such as socioeconomic development and infrastructure.

Described by proponents as a "vehicle for investments", the MIF seeks to create a new revenue stream for the country by tapping investible funds for investments either here and abroad. The profits from these investments will be used to bankroll big ticket projects.

Related Tags

PAGCOR Maharlika Investment Fund (MIF)
ADVERTISEMENT
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1561_widget.title }}

{{ item.title }}
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1562_widget.title }}

{{ item.title }}
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1563_widget.title }}

{{ item.title }}

{{ articles_filter_1564_widget.title }}

{{ item.title }}
.mb-article-details { position: relative; } .mb-article-details .article-body-preview, .mb-article-details .article-body-summary{ font-size: 17px; line-height: 30px; font-family: "Libre Caslon Text", serif; color: #000; } .mb-article-details .article-body-preview iframe , .mb-article-details .article-body-summary iframe{ width: 100%; margin: auto; } .read-more-background { background: linear-gradient(180deg, color(display-p3 1.000 1.000 1.000 / 0) 13.75%, color(display-p3 1.000 1.000 1.000 / 0.8) 30.79%, color(display-p3 1.000 1.000 1.000) 72.5%); position: absolute; height: 200px; width: 100%; bottom: 0; display: flex; justify-content: center; align-items: center; padding: 0; } .read-more-background a{ color: #000; } .read-more-btn { padding: 17px 45px; font-family: Inter; font-weight: 700; font-size: 18px; line-height: 16px; text-align: center; vertical-align: middle; border: 1px solid black; background-color: white; } .hidden { display: none; }
function initializeAllSwipers() { // Get all hidden inputs with cms_article_id document.querySelectorAll('[id^="cms_article_id_"]').forEach(function (input) { const cmsArticleId = input.value; const articleSelector = '#article-' + cmsArticleId + ' .body_images'; const swiperElement = document.querySelector(articleSelector); if (swiperElement && !swiperElement.classList.contains('swiper-initialized')) { new Swiper(articleSelector, { loop: true, pagination: false, navigation: { nextEl: '#article-' + cmsArticleId + ' .swiper-button-next', prevEl: '#article-' + cmsArticleId + ' .swiper-button-prev', }, }); } }); } setTimeout(initializeAllSwipers, 3000); const intersectionObserver = new IntersectionObserver( (entries) => { entries.forEach((entry) => { if (entry.isIntersecting) { const newUrl = entry.target.getAttribute("data-url"); if (newUrl) { history.pushState(null, null, newUrl); let article = entry.target; // Extract metadata const author = article.querySelector('.author-section').textContent.replace('By', '').trim(); const section = article.querySelector('.section-info ').textContent.replace(' ', ' '); const title = article.querySelector('.article-title h1').textContent; // Parse URL for Chartbeat path format const parsedUrl = new URL(newUrl, window.location.origin); const cleanUrl = parsedUrl.host + parsedUrl.pathname; // Update Chartbeat configuration if (typeof window._sf_async_config !== 'undefined') { window._sf_async_config.path = cleanUrl; window._sf_async_config.sections = section; window._sf_async_config.authors = author; } // Track virtual page view with Chartbeat if (typeof pSUPERFLY !== 'undefined' && typeof pSUPERFLY.virtualPage === 'function') { try { pSUPERFLY.virtualPage({ path: cleanUrl, title: title, sections: section, authors: author }); } catch (error) { console.error('ping error', error); } } // Optional: Update document title if (title && title !== document.title) { document.title = title; } } } }); }, { threshold: 0.1 } ); function showArticleBody(button) { const article = button.closest("article"); const summary = article.querySelector(".article-body-summary"); const body = article.querySelector(".article-body-preview"); const readMoreSection = article.querySelector(".read-more-background"); // Hide summary and read-more section summary.style.display = "none"; readMoreSection.style.display = "none"; // Show the full article body body.classList.remove("hidden"); } document.addEventListener("DOMContentLoaded", () => { let loadCount = 0; // Track how many times articles are loaded const offset = [1, 2, 3, 4, 5, 6, 7, 8, 9, 10]; // Offset values const currentUrl = window.location.pathname.substring(1); let isLoading = false; // Prevent multiple calls if (!currentUrl) { console.log("Current URL is invalid."); return; } const sentinel = document.getElementById("load-more-sentinel"); if (!sentinel) { console.log("Sentinel element not found."); return; } function isSentinelVisible() { const rect = sentinel.getBoundingClientRect(); return ( rect.top < window.innerHeight && rect.bottom >= 0 ); } function onScroll() { if (isLoading) return; if (isSentinelVisible()) { if (loadCount >= offset.length) { console.log("Maximum load attempts reached."); window.removeEventListener("scroll", onScroll); return; } isLoading = true; const currentOffset = offset[loadCount]; window.loadMoreItems().then(() => { let article = document.querySelector('#widget_1690 > div:nth-last-of-type(2) article'); intersectionObserver.observe(article) loadCount++; }).catch(error => { console.error("Error loading more items:", error); }).finally(() => { isLoading = false; }); } } window.addEventListener("scroll", onScroll); });
Join Our Newsletters

Sign up by email to receive news.

© 2025 Manila Bulletin The Nation's Leading Newspaper. All Rights Reserved.