#maharlika investment fund approved

The bill on the Maharlika Investment Fund has now passed the approval of the House of Representatives. With a vote of 279-6, the bill that aims to create a sovereign wealth fund was approved on second and third reading on the same day last December 15. 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. Created in 1953 as the Kuwait Investment Board, the Kuwait Investment Authority (KIA) is regarded as the longest standing sovereign wealth fund in the world. However, it might well be the first time in recent legislative history that such a proposed fund would bear the "Maharlika" name. With a term of seven (7) years, the Chairperson and Chief Executive Officer (CEO) shall be derived from the founding GFI member with the largest fund investment. The Securities and Exchange Commission (SEC) has approved the rules and regulations on crowd-funding schemes that allow Small Medium Enterprises (SMEs) to seek up to PHP 50 Million for expansion. Issuance of securities must be conducted exclusively through the platform of the intermediary that is registered with the SEC such as Broker-dealers, Investment houses or funding portals. Read more in our articles including "Maharlika Investment Fund passes House approval" and "FAQ: What do we know about the Maharlika Investments Fund?".