A lawmaker continues to harbor doubts about creating the Maharlika Investment Fund (MIF) even if the bill has been certified as urgent by President Ferdinand Marcos Jr.
Senator Francis Escudero said state lenders Land Bank of the Philippines (LBP) and the Development Bank of Philippines (DBP) should not be made to suffer lower returns on their investments under the proposed sovereign wealth fund.
The lawmaker said the two banks cannot take less than the yields they are making from their current mix of investments.
“Ang ideya ay dapat lumago ang pera ng Land Bank at DBP, at hindi malugi. Remember, the bill makes their equity compulsory,” Escudero said. “In exchange, will there be guarantees as to their returns as well?”
“Kaya niyo bang lampasan ang kita ng dalawang bangkong ito sa investments nila? Kung may pag-aalinlangan, bakit napaka-aggressive yata ng marketing ng bill na ito?,” he added.
Escudero said the Maharlika fund should at least assure the state banks that they can match the 6-8% average returns on its current investments in the market.