Metro Manila (CNN Philippines, January 23) — Senior Deputy Minority Leader Paul Daza, who voted in favor of the Maharlika Investment Fund (MIF) bill in the House of Representatives, on Monday said he was not informed that the proposed measure was revised.
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“In fact I was surprised, so I know as much as you do. Knowing Speaker Martin Romualdez, I’m sure in his own time, which I think will be in the next few weeks, will disclose what these revisions will be. He is legally bound to do that eventually,” he told CNN Philippines’ The Source.
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In a television interview last week, Albay Rep. Joey Salceda, who is part of the four-man panel which revised the proposed measure, said the “re-engineered” version of the MIF bill will drop the dividends from the Bangko Sentral ng Pilipinas as capital source. It will be funded instead by surpluses from government-owned and controlled corporations before it is listed on the Philippine Stock Exchange and before the conduct of an initial public offering.
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Some House members questioned the revision as the proposed measure was already approved at the lower chamber.
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Daza said this was “unusual” as the MIF bill is supposed to be in the Senate for deliberation.
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While he has yet to see the details of the revisions, Daza said publicly listing the Maharlika Investment Corporation (MIC)—which will manage the MIF—“might be a good thing because it will be subjected to many transparency requirements by the Philippine Stock Exchange.”
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“There will be much more financial scrutiny because before you get publicly listed, you have to realize there is a long process for that and that’s privately led by the stock exchange and the SEC,” he added.
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The congressman also said he hopes the bill will be further improved, like having the private sector appointing the chairman of the Board of Directors and have more of its members be from the private sector.
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According to the published version of the MIF bill that was approved last December, the 15-member board of the MIC will be headed by the Finance secretary, and only five of the members will be from the private sector.
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“A recipe for disaster is politicians running public funds. The much better situation is private sector running government-funded programs,” Daza said.
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Daza said he expects the details of the revisions to be released in at least 2-3 weeks to allow the Senate to start its hearings on the MIF.
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