Land Bank remits P50-billion contribution to Maharlika fund ABS-CBN News

MANILA — The Land Bank of the Philippines on Friday said it remitted a P50 billion contribution to the Maharlika Investment Fund (MIF). In a statement, the bank said it made the investment to the sovereign wealth fund through the Bureau of the Treasury on September 14, Thursday. The law requires Landbank and the national government to contribute P50 billion each to the MIF. The Development Bank of the Philippines will put in another P25 billion. "With the regulatory requirements in place, and after securing the seed capital from state-run institutions, we are confident that the Fund will be operational by yearend," said Finance Secretary Benjamin Diokno. The implementing rules and regulations of the Philippines' first sovereign wealth fund were released in late August. The finance department said it has received applications from interested managers of the Maharlika fund.

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