THE Bangko Sentral ng Pilipinas (BSP) on Friday expressed readiness to provide P30 billion to P35 billion for the proposed Maharlika Wealth Fund (MWF).
During a hearing of the House committee on appropriations on the proposed MWF Act, BSP deputy governor Francisco Dakila Jr. said the amount will come from BSP’s dividends.
“’Yung buong dibidendo ng BSP pwedeng magamit para mapondohan ang Maharlika Wealth Fund,” he said.
Asked if he was referring to the around P30 billion to 35 billion dividends earlier reported during the hearing, Dakila said: “’Yun po ang estimate na initial na contribution.”
After providing the initial contribution, Dakila said the BSP will only give 50 percent of its dividends to the MWF because the other 50% will be allocated for the capitalization of the BSP.
He said the BSP is still in the process of building up its target capital in compliance with its amended charter.
Once the BSP is fully capitalized, Dakila said it will again provide 100% of its dividend for the MWF.
He added BSP’s international reserves would not be affected by its contribution to the MWF.
On Thursday, Dec. 8, House appropriations panel senior vice chairperson Stella Quimbo said the initial funding for MWF could reach around P150 billion.
The MWF will also be funded by state-run banks LandBank of the Philippines with P50 billion and the Development Bank of the Philippines with P25 billion.
It seeks to grow excess funds of state-run financial institutions via investments.
Aside from the contribution of the BSP, the House panel also adopted amendments on the funding sources for MWF, including the Land Bank of the Philippines with P50 billion, and Development Bank of the Philippines with P50 billion.
The Philippine Amusement and Gaming Corporation (PAGCOR) and other government-owned gaming operations shall also contribute at least 10% of their gross revenues.
Other government financial institutions and government-owned and -controlled corporations may be authorized to contribute to the MWF based on their respective investment and risk management strategies. (GMA Integrated News)
