Establishment of the Maharlika Investment Fund.
Section 12
SEC. 12. Establishment of the Maharlika Investment Fund. - There is hereby created a Maharlika Investment Fund (MIF), a Fund that adhere to the principles of good governance, transparency, and accountability. The Fund shall initially be sourced from the capitalization of the MIC, as provided for in this Act; the investible funds of select GFIs and from contributions of the National Government, as well as other sources of funds, as provided in this Act: Provided, That other GFIs and GOCCs may invest into the MIF, subject to their respective investment and risk management strategies, and approval of their respective boards: Provided, further, That government agencies and GOCCs providing for the social security and public health insurance of government employees, private sector workers and employees, ad other sectors and subsectors such as, but not limited to, the SSS, GSIS, PhilHealth, Pag-Ibig Fund, OWWA, and PVAO Pension Fund, shall be absolutely prohibited, whether mandatory or voluntary, to invest in the MIF: Provided, furthermore, That the investments from LBP, DBP, and other GFIs shall not exceed twenty-five percent (25%) of their net worth. Additional investments may likewise be sourced from investments of reputable private and State-owned financial institutions and corporations in the form and under the terms and conditions that the Board of Directors may prescribe. The Funds shall be used to invest on a strategic and commercial basis in a manner designed to promote fiscal stability for economic development, and strengthen the top-performing GFIs through additional investment platforms that will help attain the National government's priority plans.