DBP remits ₱25-B share for Maharlika fund capital

Metro Manila (CNN Philippines, September 16) — The state-owned Development Bank of the Philippines (DBP) on Saturday said it has also remitted its ₱25 billion share in the initial seed capital for the Maharlika Investment Fund (MIF).

Metro Manila (CNN Philippines, September 16) — The state-owned Development Bank of the Philippines (DBP) on Saturday said it has also remitted its ₱25 billion share in the initial seed capital for the Maharlika Investment Fund (MIF).

DBP President and Chief Executive Officer Michael de Jesus said the amount was deposited into the Bureau of the Treasury on Thursday, the same day the Land Bank of the Philippines remitted its ₱50-billion contribution. 

Under the Maharlika Investment Fund Act, the country's two largest government-owned financial institutions have until Sept. 17 to remit their shares for the seed capital. Apart from the DBP and the Landbank, the national government is also mandated to contribute ₱50 billion.

Finance Secretary Benjamin Diokno said the remittances would pave the way for the full operationalization of the Maharlika Investment Corporation (MIC), which is managing the fund and has an authorized capital stock of ₱500 billion.

“DBP is enthused with our full contribution to the MIF,” De Jesus said in a statement. “We are one with President (Ferdinand) Marcos, Jr. in ensuring the immediate establishment of the Maharlika Investment Corporation which would shepherd the initiatives that would reshape and redefine the country’s economic landscape.”

De Jesus said they expect the country to reap gains from the Maharlika fund, both on the financial and development fronts, in the next four to five years.