LandBank remits P50-B investment for Maharlika fund

By Anna Leah Gonzales

September 15, 2023, 6:41 pm

MANILA – State-owned Land Bank of the Philippines (LandBank) said Friday it has remitted to the Bureau of the Treasury (BTr) its PHP50 billion contribution to the Maharlika Investment Corporation (MIC) as mandated by Republic Act No. 11954 which establishes the Maharlika Investment Fund (MIF).
In a statement, LandBank said the PHP50-billion investment to the MIF has already been settled with the BTr on Sept. 14.
"We are witnessing a growing interest for investments in the MIF from multilateral financial institutions and foreign investors. With the regulatory requirements in place, and after securing the seed capital from state-run institutions, we are confident that the Fund will be operational by yearend,” Finance Secretary and LandBank chairman Benjamin Diokno said.
LandBank President and Chief Executive Officer Lynette Ortiz, meanwhile, assured that the law creating the MIF has enough safeguards to protect the bank’s invested funds.
“The MIF law has put in place adequate safety nets to ensure full disclosure and transparency in the management of the Fund, as well as the integrity and professionalism of the management team that will be entrusted to lead the Maharlika Investment Corporation,” Ortiz said.
President Ferdinand R. Marcos Jr. signed into law Republic Act No. 11954 last July 18.
The BTr issued the implementing rules and regulations (IRR) on Aug. 28.
The law authorizes LandBank and the national government to provide PHP50 billion each as initial fund capital, while the Development Bank of the Philippines (DBP) will contribute another PHP25 billion. (PNA)