the Congress of the Philippines

“ Violation by an Independent Auditor; Penalties. – An independent auditor who, knowingly certifies the corporation's financial statements despite its gross incompleteness or inaccuracy, its failure to give a fair and accurate presentation of the corporation's condition, or despite containing false or misleading statements, shall be punished with a fine ranging from Five million pesos (P5,000,000.00) to Seven million pesos (P7,000,000.00) , imprisonment of six (6) years, and perpetual disqualification from holding public office. ”

“ The Funds shall be used to invest on a strategic and commercial basis in a manner designed to promote fiscal stability for economic development, and strengthen the top-performing GFIs through additional investment platforms that will help attain the National Government's priority plans. ”

“ Aside from the potential earnings, the Board shall take into account risks other than economic, such as climate risks and those that are reported under rules and regulations of government agencies requiring ESG reporting as well as resource valuation studies and natural capital accounting in making investment decisions ”

“ Establish a diversified portfolio of investments in the local and global financial markets and in other assets that promote the objectives of the Fund;
(b) Manage and invest the initial and future contributions to the Fund in accordance with this Act;
(c) Accept and manage investment mandates whose investment purpose is to increase income for development goals;
(d) Develop and foster skills in finance, economics, risk mitigation, good governance, and other related areas, consistent with the capacity and capabilities build-up of human resources in the industry ”

“ All financial transactions shall be governed by the applicable government laws, rules, and regulations. The COA shall prescribe the guidelines of the audit of the MIC and the Fund under its management in accordance with international best practices. In defining the scope of its audit, the COA shall coordinate with the external auditor as provided under Section 35 of this Act. The COA shall conduct a special audit every five (5) years.
Sec. 37. Disposal of Investment Assets. ”

“ Mutual and exchange-traded funds invested in underlying assets;
(h) Real estate and infrastructure projects: Provided, That investments in infrastructure projects shall be directed towards the fulfillment of national priorities such as the national infrastructure program of the Department of Public Works and Highways (DPWH) and other infrastructure agencies, the inclusive innovation industry strategy of the Department of Trade and Industry (DTI) , and the public investment programs of the National Economic and Development Authority (NEDA) ”

“ All members of the Board of Directors shall be bonded to the government for the faithful performance of all duties imposed upon him by law and for the faithful accounting of all funds and public properties coming into his custody or control in accordance with the Public Bonding Law under the Revised Administrative Code, Executive Order No. ”

“ This Act shall be known as the "Maharlika Investment Fund Act of 2023".
Sec. 2. Declaration of Policy. – It is the policy of the State to generate, preserve and grow national wealth, create jobs, promote trade and investments, foster technological transformation, strengthen connectivity, expand infrastructure, and achieve energy, water, and food security.
The State recognizes the vital role of various investments in financial assets in promoting economic growth, accelerating job creation, and improving the welfare of Filipinos. ”

“ Implement international best practices in investing and managing assets in accordance with the Santiago Principles and other internationally-accepted standards and principles of transparency and accountability. ”

“ The Founding GFIs and the National Government may, upon recommendation of the Advisory Body, and without prejudice to additional subscription and payment, use its stock dividends from its unappropriated retained earnings in the MIC, to subscribe and pay for the balance of the authorized capital stock. ”

“ Provided, That the Monetary Board may recommend to the President of the Philippines the reduction of BSP's dividend contribution to the MIC whenever economic conditions may warrant. Thereafter, the dividends of the BSP shall be remitted to the National Government to fund the increase in the capitalization of the BSP in accordance with Section 2 of Republic Act No. 7653, as amended by Republic Act No. 11211.
(b) Government Share in Philippine Gaming Corporation (PAGCOR) . ”

“ Sec. 31. Designation and Secondment. – For the first five (5) years of its operation, the MIC Board, upon the recommendation of the PCEO, shall authorize GFI non-executive personnel to the MIC, as may be necessary, subject to existing guidelines on secondment of the Civil Service Commission.
The designation of the respective GFI's personnel to the MIC involves the imposition of additional and/or higher duties to be performed by said personnel for the MIC which is temporary and can be terminated anytime at the pleasure of the appointing officer/authority. ”