#Land Bank of the Philippines

6398, it would be the "Maharlika Investments Fund." Filed last November 28 by six representatives to help "achieving single-digit poverty levels and upper middle-income status for Filipinos," the proposal has hurdled the House Committee on Banks and Financial Intermediaries as of December 1. Then again, what do we know about this Fund being introduced in the Philippines? LANDBANK and DBP are among the largest banks in the country, having PHP 2.8 trillion and PHP 971 billion in total assets, respectively. MIF investment activities shall be reported to the President of the Philippines not later than seven (7) days after each quarter, and submit financial statements not later than seven (7) days after each month. To recall, the founding GFIs would be the GSIS, SSS, LANDBANK, and DBP. To assist the Board, an Advisory Body constituted by the Finance Secretary, Budget Secretary, Socioeconomic Planning Secretary, and Treasurer of the Philippines would be formed. Of course, it remains to be seen whether the tech sector would also receive substantial blessings from the MIF, but when foreign investors to the Philippines have eyed energy and tech among other sectors for 2023, perhaps their sustained attractiveness would lessen doubts about their current investment viability. State-run Land Bank of the Philippines (LandBank) has introduced their basic deposit account (BDA) program "Perang Inimpok Savings Option" or PISO to bring more unbanked and underserved Filipinos into a formal banking system. Read more in our articles including "FAQ: What do we know about the Maharlika Investments Fund?" and "Unbanked Filipinos can now open a LandBank savings account with one-peso minimum initial deposit".