Hontiveros commends the suspension of the implementation of the Maharlika Investment Fund Act
News release October 18, 2023 at 06:56 PMSenator Risa Hontiveros on Wednesday commends the decision to suspend the implementation of the Maharlika Investment Fund (MIF) Act, calling it, “welcome news for all Filipinos and for our vulnerable economy.”
According to the statement released to the media, Hontiveros asserts that the MIF Act is irreparable.
“I hope that the suspension of the rollout of the Maharlika Fund Investment means that the President is starting to heed our warnings. Indeed many provisions of the MIF Act require further study. My own view, of course is that it is beyond repair – because the law was rushed, and the Philippines is simply not ready at this moment to support a wealth fund.”
“In fact, it is now clear that Finance Secretary Benjamin Diokno misled the Senate when he said that the Land Bank of the Philippines (LBP) and the Development Bank of the Philippines (LBP) had excess funds which were idle and could be used for the MIF. At best, he simply did not have the competence to understand the repercussions of messing with the finances of Land Bank and DBP. Dati pa naman siyang BSP Governor,” the statement added.
The MIF, according to the opposition senator, will reduce LBP and DBP’s lending capacity by over P700 billion, requiring recapitalization.
“The MIF, among its many flaws, is now poised to reduce the LBP and DBP’s capacity to provide loans for farmers, fisherfolk and agri-entrepreneurs by more than P700 billion – or ten times the capital that will be taken from them. As it turns out, the Bangko Sentral’s position is that DBP and Land Bank will need to be recapitalized. Saan kukunin yan? E di uutangin,” she declared.
“The suspension of the MIF Act must stand until every flaw or concern raised about the law has been reviewed. Government should never be reckless with the people’s hard-earned money,” Hontiveros pointed out.
Photo:Sen. Risa Hontiveros FB