Press Release
May 31, 2023

Poe on Maharlika bill safeguards

The bill we passed is an enhanced, better version with adequate safeguards to ensure effective and transparent governance of funds.

We made sure the wealth fund will not touch the people's pension money and social benefits such as SSS, GSIS, PhilHealth, OWWA, PVAO and PagIbig funds.

We pushed to include the requirement of a fidelity bond worth P10 million for the board members of the Maharlika Investment Corporation to guarantee that they will faithfully account for the funds entrusted to them.

As an added protection of the fund, we increased the fines, imposed imprisonment and included perpetual disqualification from public office as part of penalties against officials who will tolerate graft, act as intermediaries for corrupt acts, and those who will be found erring during fund audits.

We also strengthened congressional oversight over the fund by requiring the quarterly submission of investment portfolio and audit reports.

We put premium to the public's right to freedom of information by giving them access to investment plans for the fund and to audit documents.

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