Land Bank dispatches P50-billion commitment to Maharlika fund

 

The Land Bank of the Philippines on Friday said it dispatched a P50 billion commitment to the Maharlika Investment Fund (MIF).

In an explanation, the bank said it made the speculation to the sovereign abundance reserve through the Department of the Depository on September 14, Thursday.

The law requires Landbank and the public government to contribute P50 billion each to the MIF. The Advancement Bank of the Philippines will place in another P25 billion.

"With the administrative prerequisites set up, and subsequent to getting the seed capital from state-run establishments, we are sure that the Asset will be functional by yearend," said Money Secretary Benjamin Diokno.

The executing rules and guidelines of the Philippines' most memorable sovereign abundance reserve were delivered in late August.

The money division said it has gotten applications from intrigued chiefs of the Maharlika fund.