Mark Villar sees full implementation of Maharlika Fund within 2 years of passage

Senator Mark Villar sees the full implementation of the proposed Maharlika Investment Fund, which taps state assets for investment initiatives, within two years from its passage into law.

Villar, the principal author of the MIF bill in the Senate, made the prediction after the House agreed to the Senate’s version of the measure on Wednesday.

“It won’t reach two years. The Executive branch will very swiftly organize the Maharlika [Investment Corporation that will manage the fund],” Villar said.

“The national government is ready to implement the Maharlika bill,” he added.

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.

“This is not a political move. This is for our economy. Having an investment fund is not a new concept. We need this for additional income and attract capital for our industries such as energy, agriculture, as well as for infrastructure projects,” he said.

'Next 10 administrations'

Senate President Juan Miguel Zubiri, for his part, said the Senate bill provides airtight safeguards against fund misuse.

“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.

The MIF bill provides that a Director or Officer of the Maharlika Investment Corporation (MIC) who willfully holds office while possessing any of the disqualifications or willfully conceals grounds for disqualification will be meted a fine of P5 million to P7 million at the discretion of the court and perpetually disqualified from holding public office.

When the violation of this provision is injurious or detrimental to the public, the penalty will range from P10 million to P15 million.

The MIF bill also states that an independent auditor who knowingly certifies the corporation’s financial statements despite its gross incompleteness or inaccuracy, its failure to give a fair and accurate presentation of the corporation’s condition, or despite containing false or misleading statements, will also be fined P5 million to P7 million on top of a jail time of six years and perpetual disqualification from holding public office.

Those acting as intermediaries for graft and corrupt practices or any person, natural or juridical who allows himself/herself to be used for fraud, or for committing or concealing graft and corrupt practices by the directors, officers, or other employees of the MIC will be liable for a fine ranging from P1 million to P5 million, a jail time of six years and perpetual disqualification from holding public office.

The MIF bill also set a prescriptive period for crimes committed under the MIF measure at 20 years.

The right of the state to recover properties unlawfully acquired by the person involved, nominees or transferees in embezzlement and misappropriation of MIF, however, will not be barred by prescriptive period, laches or estoppel.

“From the selection of the [MIC] officers who will undergo vetting process and penal provision contained in two to three pages [of the bill], and reiteration of the different laws under the penal code and under the special laws [on top of penalties under MIF bill]...I am very proud of this measure kaya nananawagan ako sa ating mga kababayan [na] huwag sila mag-alala [I appeal to the public that they do not need to worry],” Zubiri said.

“Lahat na ng safeguards [ay] nilagay namin,” Zubiri added.

(We have put all the safeguards in place.) — BM, GMA Integrated News