‘Latest version of MIF bill ensures transparency’

THE public will be able to access and secure documents of the proposed Maharlika Investment Fund (MIF) and Maharlika Investment Corp. (MIC), including investment plans and audit documents, based on the current version of the legislative measure.

House Speaker Martin G. Romualdez said the version of House Bill (HB) 6608 approved by the House of the Representatives on third and final reading included another transparency measure to allay the public’s concerns on the MIF’S accountability. See related stories on the MIF on page A10.

Romualdez said HB 6608 has a provision that allows the public to exercise its right to freedom of information regarding the financial matters of the MIF, which is touted to contribute to the country’s prosperity.

“During the lengthy and exhaustive plenary deliberations on House Bill 6608, we have adopted various safeguards to ensure we can achieve the objectives of the Maharlika Investment Fund, and one of such is a provision to ensure transparency on relevant financial matters pertaining to the MIF,” he said in a statement.

Romualdez said it was ACT Teachers Partylist Rep. France Castro who proposed the additional transparency provision during the period of individual amendments in the plenary deliberation of HB 6608.

“The third reading version now creates an MIF that is significantly more transparent and accountable than the committee report. I am proud of the work of the Technical Working Group, which included recommendations from the minority,” said Albay 2nd District Rep. Joey Sarte Salceda, who chairs the technical working group on HB 6608. Under Section 43 of the approved HB 6608, all documents of the MIF and the Maharlika Investment Corp.—the independent body created to manage the fund—will be open, available, and accessible to the public.

The documents covered by Section 43 include, but are not limited, to the following:

■ All investments thereof, whether planned or under negotiation by the MIC and on the portfolio of the MIF;

■ The statements of assets and liabilities (SALNS) of the members and officials of the board of directors, risk management unit, and advisory board; *The SALNS of those who appointed and designated the said members and officials;

■ Audit documents from the internal auditor, external auditor, and the COA; and

■ Similar documents and information. HB 6608 also mandates that the records on MIC’S investment activities will be secured and maintained pursuant to the rules of the National Archives of the Philippines. The disclosure rules under Republic Act (RA) 8799 or the Securities Regulation Code, RA 11232 or the Revised Corporation Code, and other relevant laws, rules and regulations will apply to the MIC.

The House of Representatives approved on third and final reading HB 6608 last week with an overwhelming vote of 279 lawmakers, following President Marcos Jr.’s certification of the legislative measure as an “urgent” bill.