The House Committee on Banks and Financial Intermediaries approved several amendments to the proposed bill seeking to establish a Maharlika Investment Fund (MIF) bill, its chairperson and Manila 5th District Rep. Irwin Tieng said on Monday.
In a chance interview with reporters after the panel met in an executive session regarding the measure, Tieng said among the approved amendments is the removal of the Government Service Insurance System (GSIS) and Social Security System (SSS) as contributors.
Some penal provisions introduced by Albay 2nd District Rep. Joey Salceda were also approved.
“Nakasaad doon sa penal provisions natin na any director, trustee, or officer who willfully and maliciously violates investment policies and guidelines set by the Board of Directors as defined pursuant to Section 19 of this act, or whose actions in breach of any investment, in a loss suffered by the funds, shall be liable jointly and severally for all damages resulting therefrom suffered by the [Maharlika Investment] corporation (MIC),” he said.
Tieng said if stockholders, members, or other persons were proven guilty of violating guidelines, a fine of Php 50,000 to Php 2 million, or not more than five years of imprisonment would be imposed.
Apart from this, he said they also have prohibited the MIC to manage the company it will invest in.
“Parang passive investor siya. Tinanggal natin ‘yung management sa kumpanya kung saka-sakaling pumasok siya,” Tieng added.
The chairperson said the pannel also approved the amendment that MIF board directors would be reduced to two from four.
Meanwhile, the bill's name was reverted to Maharlika Investment Fund and not Wealth Fund.
