February 7, 2023

Eureka News

All the News All the Time

House passes Maharlika Investment Bill on third, final reading

(Eagle News) – The House of Representatives passed the Maharlika Investment Bill on the third and final reading.

Over 200 or 279 legislators passed House Bill (HB) No. 6608, while six voted against.

Earlier, the president certified the measure, which aims to “establish a sustainable national investment fund as a strategic mechanism to boost the investment activity of high-performing state-owned financial institutions,” as urgent.

According to the original bill, a total of 275 billion pesos was to be allocated to the MIF.

These would come from the Land Bank of the Philippines (P50 billion), Development Bank of the Philippines (P25 billion), General Appropriations Act (P25 billion), GSIS (P125 billion) and SSS (50 billion P).

However, under the current bill, GSIS and SSS have been removed.