The Governance Commission submitted its position on Senate Bill No.1670 1 (SB No. 1670) to the Senate – Committee on Banks, Financial Institutions and Currencies on 30 Jan. 2023.
Among the salient points of discussion in the paper is the creation of the Maharlika Investment Corporation (MIC) which is envisioned to be an independent corporate body under the proposed bill.
The MIC is intended to govern and manage the proposed state investment fund.
The Governance Commission noted that the MIC bears the attributes of a Government Owned or Controlled Corporation (GOCC) such as its charter, functions relating to public needs, and state ownership.
The GCG also emphasized that the funding from Government Financial Institutions (GFIs) and GOCCs may affect their respective investment strategies and performance scorecards.
These proposed investments must necessarily be within and allowed by their respective charters.
Ultimately, the Governance Commission is one with Congress and lauds its efforts to ensure the country’s economic transformation, growth, and sustainability.
The GCG, therefore, supports the inclusion of the provision in SB No. 1670 providing at least 25% of the net profits of the MIC to families living below the poverty threshold.
The Governance Commission remains steadfast in its mandate as the central advisory, oversight, and monitoring body for GOCCs, to institutionalize transparency, accountability, financial viability, and responsiveness in corporate governance by monitoring and evaluating the performance of GOCCs.