Announcement By The Department Of Finance

Maharlika Investment Corp. to Receive P75 Billion in Paid-Up Capital in 2023

Announcement by the Department of Finance

Provisions on Offenses and Penalties Included in the Bill

Manila, Philippines - December 8, 2022 - The Department of Finance (DOF) has announced that the Maharlika Investment Corporation (MIC) will receive a minimum of P75 billion in paid-up capital in 2023. The MIC is a proposed sovereign wealth fund that aims to boost economic growth and development in the country.

The announcement was made by Finance Secretary Benjamin Diokno during a press conference on Thursday, December 7. Diokno said that the government is committed to providing the necessary capital to ensure the success of the MIC.

The MIC bill, which was approved by the House of Representatives in September, is currently being deliberated in the Senate. The bill includes provisions on offenses and penalties, such as those related to graft and corrupt practices, to ensure the integrity and transparency of the MIC.

The DOF's announcement has been met with mixed reactions. Some lawmakers have expressed support for the MIC, while others have raised concerns about its potential for abuse and mismanagement.

The MIC is expected to play a significant role in the Philippine economy. The fund will invest in various sectors, including infrastructure, agriculture, and energy, to promote economic growth and create jobs.