Sovereign wealth fund bill could face lawsuit

By Beatriz Marie D. Cruz A PROPOSED sovereign wealth fund that Philippine President Ferdinand R. Marcos, Jr. pitched to world and business leaders in Davos, Switzerland this month risks getting voided by the courts for “sequestering” dividends from state companies, a congressman said on Tuesday. The so-called Maharlika Investment Fund bill, which the House of […]

Senate minority says Maharlika must benefit public, not investors

SENATE Minority Leader Aquilino Martin D. Pimentel III expressed doubts on Monday about private investment in the proposed sovereign wealth fund, saying that the interests of investors will take precedence over those of the public. “We are just creating a protected corporation, a protected entity whose beneficiaries are investors,” Mr. Pimentel told TeleRadyo. He added […]

Nissin Foods (Hong Kong) Charity Fund Establishes Nissin Foods Scholarship at The Chinese University of Hong Kong

Encouraging Students to Strive for Excellence Nurturing Food Science Talent for Future Generations HONG KONG, Jan 18, 2023 – (ACN Newswire) – Nissin Foods Company Limited (“Nissin Foods”, and together with its subsidiaries, the “Group”; Stock code: 1475) has announced the launch of the Nissin Foods Scholarship for Food and Nutritional Sciences students by Nissin Foods […]

MMDA returns P1.2-B unauthorized WiFi fund from DICT — solon 

THE METRO Manila Development Authority (MMDA) has returned a P1.2-billion fund it received from the Department of Information and Communications Technology (DICT) without the necessary approvals, a lawmaker said on Monday.  Senior Deputy Minority Leader Paul R. Daza, who was one of the lawmakers present in the House investigation on the alleged illegal transfer of […]

Marcos plans Maharlika fund ‘soft launch’ at Davos meeting

PRESIDENT Ferdinand R. Marcos, Jr. will invite potential investors to provide capital to his proposed sovereign wealth fund at the World Economic Forum meeting next week, according to the Department of Foreign Affairs. The forum, gathering world leaders at the Swiss resort of Davos, is a “great venue” to introduce the administration’s sovereign wealth fund […]

DBP sees wealth fund role as provider of infra capital

THE Development Bank of the Philippines (DBP) views the proposed Maharlika Investment Fund (MIF) as a valuable source of long-term capital for developing infrastructure. In a statement, the bank’s President and Chief Executive Officer Emmanuel G. Herbosa said such investment will be critical for food, water, green energy, agro-industrial ventures, telecommunications, public infrastructure, and road […]

Maharlika bill FoI safeguards seen as inadequate

THE Maharlika Investment Fund (MIF) bill is suffering from a lack of public consultation, with transparency safeguards like the obligation to respond to Freedom of Information (FoI) requests deemed insufficient for achieving transparency, a non-government organization said. David Michael M. San Juan, convener of the Professionals for a Progressive Economy, added that public consultations on […]

House approves Maharlika Fund bill

THE HOUSE of Representatives approved on third and final reading the bill creating the Maharlika Investment Fund (MIF), just over two weeks after it was filed by Speaker Ferdinand Martin G. Romualdez. At Thursday’s session, 279 lawmakers voted in favor of the MIF bill, while six voted against. The six lawmakers who opposed the measure […]

Pag-IBIG Fund launches mobile app

PAG-IBIG Fund officially launched the Virtual Pag-IBIG Mobile App to bring its services closer to members as it marked its 42nd anniversary on Wednesday, December 14, 2022. President Ferdinand Marcos Jr. recognized Pag-IBIG Fund’s accomplishments over the years and welcomed the launch of its official mobile app through a recorded message for the agency. “Through […]

Economic team pushes for approval of Maharlika Wealth Fund

Economic managers said they “strongly support” the creation of the Maharlika Wealth Fund (MWF), after lawmakers agreed to remove a provision in the bill that would have sourced its funding from state-run pension funds.“We, the economic managers of the Marcos Jr. administration, strongly support the creation of the Maharlika Wealth Fund as a vehicle to […]

Editorial: Maharlika Wealth Fund: A risky proposal

Lawmakers from the House of Representatives who authored the proposed P275-billion Maharlika Wealth Fund have changed tune—they have decided to remove the Social Security System (SSS) and the Government Service Insurance System (GSIS) as funding sources in the bill. This came after the bill attracted criticisms, specifically from SSS and GSIS pensioners who said they […]

Labor group stages protest vs sovereign wealth fund

A LABOR group on Wednesday staged a protest against a proposal to establish a sovereign wealth fund, which would source capital from state-run pension funds.   The Bukluran ng Manggagawang Pilipino (BMP), in a statement, said the government should not gamble funds meant to benefit both private and public sector workers, including minimum-wage earners.   “The Social […]