agreed to the Senate’s version of the measure“It won’t reach two years. The Executive branch will very swiftly organize the Maharlika [Investment Corporation that will manage the fund],” Villar said.Villar then reiterated that the push for the MIF will help the country generate additional resources which are badly needed in light of massive government expenditures amid the COVID-19 pandemic.
“The Maharlika fund is not only for this administration. It is for the next 10 administrations, so we want to make sure that there are safeguards in place against possible abuse,” he said. When the violation of this provision is injurious or detrimental to the public, the penalty will range from P10 million to P15 million.
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