Bill Type
Congress Name
Full Title of Bill
AN ACT ESTABLISHING THE MAHARLIKA INVESTMENT FUND, PROVIDING FOR THE MANAGEMENT, INVESTMENT, AND USE OF THE PROCEEDS OF THE FUND, AND APPROPRIATING FUNDS THEREFOR
Short Title
MAHARLIKA INVESTMENT FUND ACT
Text as Filed (File)
Third Reading Copy link (HRep)
Date filed
December 12, 2022
Date Read
December 12, 2022
Scope
Legislative Status
Legislative Status Date
Session Sequence No.
41
Session Type
Subjects
Document Certification
Document Certification Date
All Information (Senate Website)
Legislative History (Senate Website)
Committee Report Senate Link
Committee Referral (Senate Website)
Floor Activity (Senate Website)
Senate Legis Intranet Link
Bill Status
Republic Act RA11954 enacted on 2023-07-18
Committee Details
Primary Committee
House Committee Report link
House Counterpart
Date Approved on Third Reading (HRep)
December 15, 2022
Legislative History
Entitled: AN ACT ESTABLISHING THE MAHARLIKA INVESTMENT FUND, PROVIDING FOR THE MANAGEMENT, INVESTMENT, AND USE OF THE PROCEEDS OF THE FUND, AND APPROPRIATING FUNDS THEREFOR [ FIRST REGULAR SESSION, 19TH CONGRESS ] [ 2022 ] Introduced by Representatives FERDINAND MARTIN G. ROMUALDEZ, MANUEL JOSE "MANNIX" M. DALIPE, STELLA LUZ A. QUIMBO, FERDINAND ALEXANDER A. MARCOS, YEDDA MARIE K. ROMUALDEZ, et. al.; Approved on Third Reading by the House of Representatives on December 15, 2022; 12/19/2022 Sent to the Senate requesting for concurrence; [ 2023 ] 1/24/2023 Read on First Reading and Referred to the Committees on BANKS, FINANCIAL INSTITUTIONS AND CURRENCIES; GOVERNMENT CORPORATIONS AND PUBLIC ENTERPRISES; WAYS AND MEANS and FINANCE; 1/24/2023 Certified by the President of the Philippines for its IMMEDIATE enactment on December 14, 2022; 2/1/2023 Conducted JOINT COMMITTEE MEETINGS/HEARINGS; 2/15/2023 Conducted JOINT COMMITTEE MEETINGS/HEARINGS; 2/27/2023 Conducted JOINT COMMITTEE MEETINGS/HEARINGS; 3/2/2023 Conducted TECHNICAL WORKING GROUP; 3/6/2023 Conducted TECHNICAL WORKING GROUP; 3/8/2023 Conducted TECHNICAL WORKING GROUP; 3/20/2023 Returned jointly by the Committees on BANKS, FINANCIAL INSTITUTIONS AND CURRENCIES, GOVERNMENT CORPORATIONS AND PUBLIC ENTERPRISES, WAYS AND MEANS and FINANCE per Committee Report No. 58, recommending that it be considered in SBN-2020; 3/20/2023 Committee Report Calendared for Ordinary Business; 3/20/2023 CONSIDERED IN SBN-2020 UNDER COMMITTEE REPORT NO. 58. 5/30/2023 Period of committee amendments closed; 5/30/2023 Period of individual amendments; 5/30/2023 Period of individual amendments closed; 5/30/2023 Approved on Second Reading with Amendments; 5/30/2023 Approved on Third Reading; 5/30/2023 Senate designated Senators Villar (M), Cayetano (P.), Dela Rosa, Gatchalian, Tolentino, Cayetano (A) and Pimentel III as conferees to the Bicameral Conference Committee on the disagreeing provisions of SBN-2020 and HBN-6608; 5/31/2023 House of Representatives designated Representatives Irwin C. Tieng, Joey Sarte Salceda, Stella Luz A. Quimbo, Ralph G. Rectro, Felimon M. Espares and Wilbert T. Lee as conferees to the Bicameral Conference Committee on the disagreeing provisions of HBN-6608 and SBN-2020 on May 31, 2023; 5/31/2023 House of Representatives adopted SBN-2020 as an amendment to HBN-6608 on May 31, 2023; 6/29/2023 Letter from Senate Secretary Renato N. Bantug, transmitting nine (9) enrolled copies of SBN-2020/HBN-6608, for the signature of Speaker Martin G. Romualdez and Secretary General Reginald S. Velasco; 7/4/2023 Enrolled copies of SBN-2020/HBN-6608, sent to the Office of the President through PLLO for the signature of the President of the Philippines, His Excellency, President Ferdinand Romualdez Marcos Jr.; 7/19/2023 Consolidated with SBN-2020, which was approved and signed into law by the President of the Philippines, His Excellency, President Ferdinand Romualdez Marcos Jr. on July 18, 2023 and became 7/19/2023 REPUBLIC ACT NO. 11954. (Transmitted to the Legislative Records and Archives Service for safekeeping and preservation on July 31, 2023)
Senate Legislative History
Entitled: AN ACT ESTABLISHING THE MAHARLIKA INVESTMENT FUND, PROVIDING FOR THE MANAGEMENT, INVESTMENT, AND USE OF THE PROCEEDS OF THE FUND, AND APPROPRIATING FUNDS THEREFOR [ FIRST REGULAR SESSION, 19TH CONGRESS ] [ 2022 ] Introduced by Representatives FERDINAND MARTIN G. ROMUALDEZ, MANUEL JOSE "MANNIX" M. DALIPE, STELLA LUZ A. QUIMBO, FERDINAND ALEXANDER A. MARCOS, YEDDA MARIE K. ROMUALDEZ, et. al.; Approved on Third Reading by the House of Representatives on December 15, 2022; 12/19/2022 Sent to the Senate requesting for concurrence; [ 2023 ] 1/24/2023 Read on First Reading and Referred to the Committees on BANKS, FINANCIAL INSTITUTIONS AND CURRENCIES; GOVERNMENT CORPORATIONS AND PUBLIC ENTERPRISES; WAYS AND MEANS and FINANCE; 1/24/2023 Certified by the President of the Philippines for its IMMEDIATE enactment on December 14, 2022; 2/1/2023 Conducted JOINT COMMITTEE MEETINGS/HEARINGS; 2/15/2023 Conducted JOINT COMMITTEE MEETINGS/HEARINGS; 2/27/2023 Conducted JOINT COMMITTEE MEETINGS/HEARINGS; 3/2/2023 Conducted TECHNICAL WORKING GROUP; 3/6/2023 Conducted TECHNICAL WORKING GROUP; 3/8/2023 Conducted TECHNICAL WORKING GROUP; 3/20/2023 Returned jointly by the Committees on BANKS, FINANCIAL INSTITUTIONS AND CURRENCIES, GOVERNMENT CORPORATIONS AND PUBLIC ENTERPRISES, WAYS AND MEANS and FINANCE per Committee Report No. 58, recommending that it be considered in SBN-2020; 3/20/2023 Committee Report Calendared for Ordinary Business; 3/20/2023 CONSIDERED IN SBN-2020 UNDER COMMITTEE REPORT NO. 58. 5/30/2023 Period of committee amendments closed; 5/30/2023 Period of individual amendments; 5/30/2023 Period of individual amendments closed; 5/30/2023 Approved on Second Reading with Amendments; 5/30/2023 Approved on Third Reading; 5/30/2023 Senate designated Senators Villar (M), Cayetano (P.), Dela Rosa, Gatchalian, Tolentino, Cayetano (A) and Pimentel III as conferees to the Bicameral Conference Committee on the disagreeing provisions of SBN-2020 and HBN-6608; 5/31/2023 House of Representatives designated Representatives Irwin C. Tieng, Joey Sarte Salceda, Stella Luz A. Quimbo, Ralph G. Rectro, Felimon M. Espares and Wilbert T. Lee as conferees to the Bicameral Conference Committee on the disagreeing provisions of HBN-6608 and SBN-2020 on May 31, 2023; 5/31/2023 House of Representatives adopted SBN-2020 as an amendment to HBN-6608 on May 31, 2023;
Abstract
ABSTRACT : Seeks to create a Maharlika Investment Fund (MIF) which shall be sourced from the investible funds of the country's top performing Government Financial Institutions (GFIs), from contributions of the National Government, from the declared dividends of the BSP and other sources of funds to promote economic growth and social development. Establishes an independent corporate body known as the Maharlika Investment Corporation (MIC) that shall act as vehicle for the mobilization and utilization of the MIF for investments in transactions that will enable to reap optimal returns on investments (ROIs) and govern and manage the Fund in accordance with the objectives and purposes of this Act. Provides for the initial capitalization to be sourced as follows: 1.) Land Bank of the Philippines – Fifty billion pesos (P50 billion); and 2.) Development Bank of the Philippines (DBP) – Twenty-five billion pesos (P25 billion). Enumerates allowable and prohibited investments by the Maharlika Investment Corporation. Mandates the creation of a Risk Management Unit (RMU) within the MIC to ensure that measures are taken to achieve a prudent balance between risk and reward in business activities, and that a risk-informed approach is observed with respect to the capitalization of the MIC.
Significance