The Daily Tribune
No return of P75-B capital to Maharlika Fund from gov’t banks
The Maharlika Investment Corporation (MIC) confirmed that the P75 billion in capital contributions from Land Bank of the Philippines (LandBank) and the Development Bank of the Philippines (DBP) have been infused into the Maharlika Fund and are non-refundable.
MIC president Rafael Jose Consing Jr. clarified that the International Monetary Fund (IMF) is not asking for the return of these funds.
Instead, Consing explained, the IMF's recommendation, as stated in their report, is for LandBank and DBP to be recapitalized so they can exit their current regulatory relief environment.
LandBank contributed P50 billion and the DBP transferred P25 billion to the Maharlika Investment Fund.
The IMF's report stressed that while the MIC can address investment needs, it should not compromise a resilient financial system, a sound regulatory framework, and a level playing field.
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The International Monetary Fund (IMF) has recommended the swift restoration of capital for Land Bank of the Philippines (LandBank) and Development Bank of the Philippines (DBP) after their contributions to the Maharlika Investment Fund (MIC).
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The Department of Finance (DoF) is urging Congress to pass new charters for state-run banks LANDBANK and DBP to enhance their financial capabilities and reduce dependence on government funding.
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Land Bank of the Philippines (Landbank) affirmed its financial stability despite transferring PHP50 billion to the Maharlika Investment Fund (MIF).
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