The Philippine Senate has approved amendments to Republic Act No. 11954, or the Maharlika Investment Fund (MIF) Law, introducing enhanced oversight mechanisms following calls for greater transparency in the management of the sovereign wealth fund.
Key Amendments
The approved changes include mandatory quarterly reporting to Congress, independent third-party audits, and stricter conflict of interest provisions for fund managers. Senator Grace Poe, chair of the Senate Committee on Finance, sponsored the amendments.
"The Filipino people have entrusted their resources to this fund. They deserve nothing less than complete transparency in how these investments are managed," Senator Poe said during floor deliberations.
Investment Guidelines
The amendments also clarify investment priorities, emphasizing infrastructure projects, renewable energy, and technology ventures. At least 40% of investments must be directed toward domestic projects that create local employment.
Opposition Concerns
Some opposition senators had pushed for even stricter measures, including requiring Congressional approval for investments exceeding PHP 10 billion. These proposals were not included in the final version but may be revisited in future sessions.
Implementation Timeline
The Maharlika Investment Corporation (MIC) board will have 90 days from the law's effectivity to implement the new reporting framework. The first comprehensive audit under the new guidelines is expected by Q3 2025.