Finance chief as MIF chair proposed
The amendment to replace the President as chair of the board came after several lawmakers expressed concern that having the Chief Executive as chairman of the MWF managing board would politicize it.
Daily TribuneThe amendment to replace the President as chair of the board came after several lawmakers expressed concern that having the Chief Executive as chairman of the MWF managing board would politicize it.
File Photo / House of Representatives
A lawmaker on Friday disclosed that they are seeking to put the Department of Finance secretary as chairman of the board of the proposed Maharlika Investment Fund instead of the President to remove the idea of politicalization.
According to House Appropriations Committee senior vice chairperson Stella Quimbo — who proposed the change — the move is to ensure that the proposed 15 board members, including the Finance secretary as chair, will ensure fairness and integrity.
The chairman, the Landbank of the Philippines president, the president of the Development Bank of the Philippines, seven regular members representing the fund contributors with seats distributed in accordance with their corresponding investments, and four independent directors from the private sector, would make up the board of the fund's 15 members.
The proposal was supported by Manila Representative Irwin Tieng, chair of the Banks Committee, who stressed that his committee would consider Quimbo's amendments in its next hearing.
To recall, Tieng's panel approved the controversial measure authored by House Speaker Martin Romualdez, Senior Deputy Leader Sandro Marcos, and other Marcos administration allies — including Quimbo — just two days after it was filed.
The amendment to replace the President as chair of the board came after several lawmakers expressed concern that having the Chief Executive as chairman of the MWF managing board would politicize it.
Finance Secretary Benjamin Diokno, meanwhile, welcomed the development and expressed support for the MWF.
Meantime, another lawmaker said that the Bangko Sentral ng Pilipinas' proposed role to the Maharlika Investment Fund bill as a fund contributor must be thoroughly reviewed to prevent a charter violation from happening.
