The Land Bank of the Philippines (LANDBANK) has remitted to the Bureau of the
Treasury (BTr) its ₱50-billion contribution to the Maharlika Investment Corporation
(MIC) as mandated by Republic Act No. 11954 which establishes the Maharlika
Investment Fund (MIF), the first Philippine sovereign wealth fund aimed at boosting
the country’s economic growth.
Finance Secretary and LANDBANK Chairman Benjamin E. Diokno said that the Bank’s
₱50-billion investment to the MIF has already been settled with the BTr on Thursday,
14 September 2023, following the enactment of the MIF enabling law and the
issuance of its Implementing Rules and Regulations (IRR) by the BTr.
"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,” said Secretary Diokno.
At the same time, LANDBANK President and CEO Lynette V. Ortiz said 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,” President Ortiz said.
On 18 July 2023, President Ferdinand R. Marcos, Jr. signed into law Republic Act No.
11954, followed by the BTr’s issuance of the IRR a month later on 28 August 2023.
The law authorizes LANDBANK and the national government to provide ₱50 billion
each as initial fund capital, while the Development Bank of the Philippines (DBP) will
contribute another ₱25 billion.