Maharlika Fund 'still scouting' for investment opportunities: DOF | ABS-CBN
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Maharlika Fund 'still scouting' for investment opportunities: DOF
Maharlika Fund 'still scouting' for investment opportunities: DOF
MANILA (UPDATE) - The 2025 National Expenditure Program has no subsidies for the Maharlika Investment Fund, which has yet to make any investments nearly a year after it was set up, the Department of Finance said Wednesday.
MANILA (UPDATE) - The 2025 National Expenditure Program has no subsidies for the Maharlika Investment Fund, which has yet to make any investments nearly a year after it was set up, the Department of Finance said Wednesday.
Finance Secretary Ralph Recto said the sovereign wealth fund firm is still setting up shop.
Finance Secretary Ralph Recto said the sovereign wealth fund firm is still setting up shop.
"The CEO is looking for opportunities but no, he has not come to the board for any particular investment,” he said.
"The CEO is looking for opportunities but no, he has not come to the board for any particular investment,” he said.
Recto compared the MIF to a startup company.
Recto compared the MIF to a startup company.
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“We just passed the law last year so they have been in operations for about 6-7 months right now, so it's like a startup. They are I think they've found their office already. They're looking for employees. We're determining the pay packages to be given to the employees of the Maharlika and they're scouting for investments."
“We just passed the law last year so they have been in operations for about 6-7 months right now, so it's like a startup. They are I think they've found their office already. They're looking for employees. We're determining the pay packages to be given to the employees of the Maharlika and they're scouting for investments."
Recto said the firm's board is complete and now working and that the initial seed money of the firm is invested in the National Treasury.
Recto said the firm's board is complete and now working and that the initial seed money of the firm is invested in the National Treasury.
He said the company lives off the interest of the investment in the state coffers. The MIF will earn about 4.6 percent in interest for the whole year from funds invested in the Treasury. However this money has been largely unspent.
He said the company lives off the interest of the investment in the state coffers. The MIF will earn about 4.6 percent in interest for the whole year from funds invested in the Treasury. However this money has been largely unspent.
"(What) was released to them is P75 billion and the P75 billion is invested in the treasury. It is earning interest and it is the interest that they are using for operations."
"(What) was released to them is P75 billion and the P75 billion is invested in the treasury. It is earning interest and it is the interest that they are using for operations."
He said the firm's chief executive officer, Rafael Consing Jr. also has yet to be paid because there is still no contract as his compensation package is still being determined.
He said the firm's chief executive officer, Rafael Consing Jr. also has yet to be paid because there is still no contract as his compensation package is still being determined.
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Recto added that even while he sits as chairperson of the MIF, he does not earn from the sovereign wealth fund, and neither do the presidents of Landbank and DBP as board members. He noted it's the private sector representatives who will earn but they have not yet been paid.
Recto added that even while he sits as chairperson of the MIF, he does not earn from the sovereign wealth fund, and neither do the presidents of Landbank and DBP as board members. He noted it's the private sector representatives who will earn but they have not yet been paid.
"It's the private sector representatives who will be paid eventually but as of today they have not been paid a single centavo as well." Recto said.
"It's the private sector representatives who will be paid eventually but as of today they have not been paid a single centavo as well." Recto said.
He said he hopes Maharlika can make an investment before the end of the year. The MIF is eyeing investments in energy and infrastructure, Recto said.
He said he hopes Maharlika can make an investment before the end of the year. The MIF is eyeing investments in energy and infrastructure, Recto said.
Before this, Recto admitted that the DBP and the Landbank lose about P9 billion in investible funds for every P1 billion drawn up for the MIF.
Before this, Recto admitted that the DBP and the Landbank lose about P9 billion in investible funds for every P1 billion drawn up for the MIF.
Recto previously disclosed that the Maharlika Investment Fund has about P75 bilion invested in the National Treasury.
Recto previously disclosed that the Maharlika Investment Fund has about P75 bilion invested in the National Treasury.
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