January 29, 2023

Juan Kabayan

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House passes Maharlika Investment Bill on third, final reading

(Eagle News) — The House of Representatives has passed on third and final reading the Maharlika Investment Bill.

Over 200, or 279, lawmakers approved House Bill (HB) No. 6608 while six voted against it.

Earlier, the President certified the measure, which aims to “establish a sustainable national investment fund as a strategic mechanism for strengthening investment activities of top-performing government financial institutions,” as urgent.

Under the original bill, a total of P275 billion was to be put up for the MIF.

This would be derived from the Land Bank of the Philippines (P50 billion), Development Bank of the Philippines (P25 billion), the General Appropriations Act (P25 billion), GSIS (P125 billion) and SSS (P50 billion).

However, under the current bill, the GSIS and SSS were removed.