Bilyonaryo - Business

Kayang-kaya! DOF: Only 3% of Landbank, DBP funds to be invested in Maharlika Fund

June 4, 2023

Bilyonaryo.com

A Department of Finance (DOF) official defended the plan to require the Land Bank of the Philippines and the Development Bank of the Philippines to contribute money to the controversial Maharlika Investment Fund.

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DOF Undersecretary and National Treasurer Rosalia De Leon said the state-owned banks’ contributions won’t leave a sizable dent in their finances.

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“Iyon pong LANDBANK mayroon po silang about 1.3 trillion na investible funds. Iyon pong ibibigay nila sa MIF na P50 billion, wala pa pong mga 3 percent po iyon,” De Leon said in a weekend forum.

“Malaki pa po ang pwedeng magamit ng LANDBANK to be able to cater to the requirements po ng ating agricultural sector na ating mga farmers and fisherfolks,” she added.

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De Leon said DBP’s own P25-billion contribution to Maharlika’s seed fund accounts for 2.7% of the bank’s investment portfolio.

The bill creating the MIF is awaiting President Ferdinand Marcos Jr.’s signature after hurdling both houses of Congress.