(a) Cash, foreign currencies, metals, and other tradeable commodities;

(b) Fixed income instruments issued by sovereigns, quasi-sovereigns and supranationals;

(c) Domestic and foreign corporate bonds;

(d) Listed or unlisted equities, whether common, preferred, or hybrids;

(e) Islamic investments, such as Sukuk bonds;

(f) Joint ventures or co-investments, mergers and acquisitions;

(g) Mutual and exchange-traded funds invested in underlying assets;

(h) Real estate and infrastructure projects: Provided, That investments in infrastructure projects shall be directed towards the fulfillment of national priorities such as the national infrastructure program of the Department of Public Works and Highways (DPWH) and other infrastructure agencies, the inclusive innovation industry strategy of the Department of Trade and Industry (DTI), and the public investment programs of the National Economic and Development Authority (NEDA);

(i) Programs and projects on health, education, research and innovation, and other such investments that contribute to sustainable development;

(j) Loans and guarantees to, or participation into joint ventures or consortiums with FIlipino and foreign investors, whether in the majority or minority position in commercial, industrial, mining, agricultural, housing, energy, and other enterprises, which may be necessary or contributory to the economic development of the country, or important to the public interest; and

(k) Other investments with sustainable and developmental impact aligned with Section 17 of this Act, as may be approved by the Board.

Investments in real estate, including agro-industrial estates and economic zones, estate infrastructure and other development projects, whether alone or in partnership with other corporate entities, shall be limited to high-impact projects as approved by the appropriate approving body, to ensure that these are in line with the socioeconomic development program of the government.

The Board of Directors of the MIC shall likewise ensure that all allowable investments as provided in this section are in accordance with the principle of sustainability.

SEC. 15. Forms of Joint Ventures and Co-Investments. - In line with Section 14(f) of this Act, the Board shall prescribe the form, as well as the terms and conditions, of the joint venture and/or co-investment, subject to pertinent laws, rules and regulations: Provided, That the Board and management of the MIC shall ensure that all transactions with private and other State-owned entities in a joint venture or co-investment are not prejudicial to the interest of the government and complies with the principles under the last paragraph of Section 12 of this Act.

To ensure transparency and accountability, the MIC shall regularly publish the terms and conditions of the arrangement, in the form and manner as determined by the Board, as well as all financial statements and reports relative to the operations of the joint venture and/or co-investment on its website, which shall be immediately updated and made easily accessible to the public.

SEC. 16. Prohibited Investments. - In no case shall the MIC, in whatever manner or devise, invest in areas that are explicitly prohibited under existing laws and conventions to which the Philippines is a party.

SEC. 17. Investment Policy. - The Board of Directors shall formulate written policies in relation to the following matters:

(a) Directions on the acceptable balance between risk and return of the overall portfolio;

(b) Investment policies, including policies that promote environmental, social, and governance (ESG) principles, mandates, strategies, and guidelines on financing infrastructure projects and other investments;

(c) Risk management for the investments, including prudential standards and concentration limits, to avoid undue risk concentration from excessive exposures;

(d) Standards for assessing the investment performance;

(e) Matters relating to international best practices for institutional investments;

(f) Matters specific to rules and regulations where investments are domiciled;

(g) Procedural framework and cooperation among investors, including fund commitments, co0investments, voting requirements, exit mechanisms, and other matter pertaining to the pooling of funds and the management thereof;

(h) Matters relating to the procedure for assessing, deploying, and liquidating investments;

(i) Disclosure and transparency mechanisms to oversee compliance by various departments of the MIC with the standards, procedures and policies set by the Board;

(j) Aside from the potential earnings, the Board shall take into account risks other than economic, such as climate risks and those that are reported under rules and regulations of government agencies requiring ESG reporting as well as resource valuation studies and natural capital accounting in making investment decisions; and

(k) All other matters needed to be discussed to guarantee compliance with the objectives of the MIF.

In the formulation of its investment policies, the Board of Directors shall be guided by the principle that priority must be given to investing in govenrment infrastructure and other developmental projects which would yield the highest return on investment coupled with the developmental impact of lower cost of living and lower cost of basic commodities, as well as in those investments that incorporate ESG considerations and sustainable practices. The Board of Directors shall ensure that policies formulated are consistent with the objectives of the Fund, and the same shall be subject to periodic review.

All investments policies approved by the Board of the MIC shall be posted on its website which shall be immediately updated and be made easily accessible to the public.

SEC. 18. Limitations and Safeguards on the Maharlika Investment Fund. - The management of the MIF shall be subject to a set of investment policies, guidelines, and risk management limits and procedures, as approved by the Board of Directors, upon due consideration of the recommendations of the Advisory Body. Investment and risk management strategies of the MIC shall be in line with the policies and objectives hereunder stated to ensure the long-term viability of the Fund.

Investment and risk management plans, strategies and activities of the MIC, involving the MIF, shall be disclosed and published on its website that will be immediately updated and made easily accessible to the public.

No guarantee involving financial liability arising from any action of the MIC shall be binding upon the Philippine government without obtaining the written authority of the proper authorities under existing laws.

SEC. 19. Fees and Charges on the Establishment of the Maharlika Investment Fund. - Third-party fees and all charges incurred in connection with the establishment and effective management of the MIF, such as custody fees, transaction fees, clearing fees, and management fees payable to external fund managers, shall be charged against the MIF, in accordance with the applicable policies on fund disbursements.

SEC. 20. Board of Directors. - There shall be nine (9) members of the Board of Directors composed as follows:

(a) The Secretary of Finance shall sit as the Chairperson in an ex officio capacity;

(b) President and Chief Executive Officer PPCEO) of the MIC as Vice-Chairperson;

(c) President and CEO of the LBP;

(d) President and CEO of the DBP;

(e) Two (2) Regular Directors; and

(f) Three (3) Independent Directors from the private sector.

Provided, That, in the case of a merger, consolidation, abolition, or dissolution of any of the Founding GFIs, the seat in the Board of the absorbed, dissolved, or abolished GFI shall be filled by the next highest ranking officer of the GFI who has assumed the rights of the absorbed, dissolved, or abolished GFI.

The Regular Directors shall be citizens of the Philippines, at least thirty-five (35) years of age, and must be of good moral standing and reputation, of recognized probity and independence, and have substantial experience and expertise in any of the following: (a) corporate governance and administration, (b) investment in financial assets, and (c) management of investments in the global and local markets. The Regular Directors shall be appointed by the President of the Philippines upon the recommendation of the Advisory Body for a term of three (3) years. In case of removal or resignation, the appointment to any vacancy shall only be for the unexpired term of the predecessor. The appointment of a Regular Director to fill such vacancy shall be in accordance with the manner provided for regular nomination, shortlisting and appointment of Regular Directors.

The Regular Directors shall serve in the Board full-time, and shall not hold any other public office during their tenure. Neither will the Regular Directors have or possess any private financial and business interest while in office. In this regard, Regular Directors shall be required to resign from, and divest themselves of any and all interests in any private institution that would put them in conflict with the interest of the MIC before the assumption to their office.

The Independent Directors shall be appointed by the President of the Philippines, upon the recommendation of the Advisory Body, for a term of one (1) year. The Independent Directors shall be eligible for reappointment: Provided, That the cumulative term of an Independent Director shall not exceed nine (9) years. The Advisory Board shall ensure that the selected members of the Board of Directors are with proven probity, competence, expertise and experience in finance, economics, investments, business management, or law, and are highly capable to contribute to the attainment of the objectives and purposes of the MIF.

The Independent Directors shall not hold any business or financial interests and other relationships which could, or could reasonably be perceived to, materially interfere with their exercise of independent judgment in carrying out their responsibilities as directors.

At least one (1) year from the end of their tenure, the Regular and Independent Directors shall be barred from employment, whether in full-time or advisory capacity, in any private company and institution, the interests of which directly compete with or are in conflict with the MIC.

A person shall be disqualified from being a director, if within five (5) years prior to his appointment as such, the person was:

(a) Convicted by final judgment of an offense punishable by imprisonment for a period exceeding six (6) years;

(b) Found administratively liable for any offense involving fraudulent acts;

(c) Convicted by final judgment or found liable by a foreign court or equivalent foreign regulatory authority for acts, violations, or misconduct similar to those enumerated in paragraphs (a) and (b) above; or

(d) Has a pending administrative, civil or criminal case relating to fraud, plunder, corrupt practices, money laundering, tax evasion, or any similar crimes involving misuse of fund in the person's possession or breach of trust.

The foregoing grounds are without prejudice to qualifications or other qualifications, which the Board of Directors may impose in its promotion of good corporate governance.

All members of the Board of Directors shall be bonded to the government for the faithful performance of all duties imposed upon him by law and for the faithful accounting of all funds and public properties coming into his custody or control in accordance with the Public Bonding Law under the Revised Administrative Code, Executive Order No. 449, s. 1997, and related laws and issuances. Prior to the discharge of duties, each member shall be required to secure a fidelity bond of Ten million pesos (P10,000,000.00).

The specific guidelines in this section, including the rules on appointment, election and termination of membership in the Board, shall be provided in the implementing rules and regulations of this Act, to ensure that only those eligible and qualified shall be appointed to the Board.

SEC. 21. Powers and Functions of the Board of Directors. - The primary function of the Board of Directors is to govern and manage the MIC, its assets, and investments in accordance with this Act. The specific functions of the Board shall include the following:

(a) To direct the management and operations, and administration of the MIC;

(b) To approve and implement the Investment and Risk Management Guidelines and such other investment policies, guidelines, and parameters to effectively carry out the purposes of this Act;

(c) To set minimum criteria and targets for investments;

(d) To oversee the investment processes which may include asset allocation, portfolio construction, monitoring, and risk management;

(e) To approve the issuance of debt and debt-like instruments;

(f) To develop, short, medium, and long-term strategies appropriate for investments;

(g) To regularly meet and consult with the Advisory Body;

(h) To engage as may be necessary as International Advisory Consultant whose main responsibility is to advise the Board on its development strategy and investment business, equip executives and management with insights on geopolitical and macro-economic issues, international financial market conditions, and global investment trends;

(i) To engage external fund managers and investment advisors, as may be necessary, to manage the MIF;

(j) To declare dividends in accordance with law and subject to the provisions of Republic Act No. 7656;

(k) To determine in accordance with Republic Act No. 10149, or the "GOCC Governance Act of 2011", the organizational structure, staffing pattern, number of personnel of the MIC, and define duties and responsibilities as well as their compensation and other emoluments: Provided, That the Board shall determine the positions that are highly technical, including their compensation and other emoluments, and bonuses: Provided, further, That in all cases, such compensation and emoluments shall be comparable with the prevailing rates in the private sector. The organizational structure, staffing pattern and compensation structure of the MIC shall be subject to the approval of the President of the Philippines;

(l) To exclusively prescribe a system for performance standards and evaluation for officials and employees of MIC;

(m) To set the criteria and procedures for termination of employment of officials and employees for;

(1) Gross violation of the provisions in this Act or investment policies and guidelines set by the Board of Directors;

(2) Commission of acts inimical to the MIF or the Republic of the Philippines, such as any loss suffered by the Fund caused by negligence, willful misconduct, fraud, or actions in breach of any Investment Agreement; and/or

(3) Failure to meet performance standards set by the Board of Directors;

(n) To appoint key and critical officials and employees as may be necessary to assist the Board of Directors in carrying out its functions;

(o) To submit semestral reports on investments performance to the Advisory Body and to the President of the Philippines;

(p) To review and certify the MIC/MIF financial statements;

(q) To act as Trustee of the MIF and such other assets as may be assigned to it and direct how its assets are managed;

(r) To constitute an Audit Committee from among its members. The Audit Committee shall recommend to the Board the engagement of an external auditor and oversee the internal and external audits mandated under this Act;

(s) To perform other functions, duties and responsiblities necessary, related and incidental to the performance of the above-mentioned powers and functions; and

(t) To create, set up, and launch one or more sub-funds within the Fund, each of which shall have its specific investment objectives and strategies to be determined by the Board of Directors in line with the investment objectives and policies of the Fund.

SEC. 22. Removal of Members of the Board of Directors. - The President of the Philippines may remove the PCEO, as well as the Regular and Independent Directors, for any of the following reasons: (a) if he subsequently possesses the disqualifications under Section 20 of this Act; or (b) if he is physically or mentally incapacitated that he cannot properly discharge his duties and responsibilities and such incapacity has lasted for more than six (6) months; or (c) if the member is guilty of acts or operations which are fraudulent or illegal character or which are manifestly opposed to the aims and interests of the MIC.

SEC. 23. Duties and Qualifications of the President and Chief Executive Officer. - The PCEO shall direct and supervise the operations and internal administration of the MIC, and shall be charged with the risk management, financial performance, human resources, accounting and legal affairs of the MIC. He shall have the following powers and duties:

(a) Prepare the agenda for the meetings of the Board of Directors and to submit for the consideration of the Board of Directors the policies and measures which are necessary to carry out the purposes and provisions of this Act;

(b) Execute and administer the policies and measures approved by the Board of Directors;

(c) Develop the MIC's business prospects by studying economic trends and revenue opportunities; projects acquisition and expansion prospects; and oversee financial performance and risk profiles while ensuring that all of regulatory obligations are met; and

(d) Exercise such other powers as may be vested by the Board of Directors.

The PCEO, in the discharge of its functions, may delegate administrative responsibilities to other officers of the MIC.

The PCEO shall work closely with the executive management and the Board and must have (a) exceptional experience and expertise in corporate management, financial planning strategy, strategic planning and vision, market and business development, budget development; (b) has at least ten (10) years management experience, including extensive commercial lending/credit administration experience; (c) in-depth understanding of the industry, including risk management, compliance, and regulatory requirements; and (d) strategic knowledge of cash flow and capital planning management.

The PCEO shall be appointed by the President of the Philippines, as recommended by the Advisory Body, for a term of three (3) years.

SEC. 24. Duties and Qualifications of the Chief Investment and Operations Office (CIOO). - The CIOO is responsible for regular administration duties of all investment files, communicating investment strategy and policies, managing and developing a team of financial analysts and investment professionals, supervising risk management across portfolios and that sound investment policies are followed.

The CIOO shall be appointed by the Board of Directors and terminated for a term as provided for in the implementing rules and regulations.

The CIOO must have a degree in finance or in a relevant experience in the field and has proven expertise in managing a team of financial analysts and investment professionals.

SEC. 25. Quorum and Meetings of the Board. - The Board of Directors shall meet at least once every two (2) weeks, or as often as may be necessary upon its constitution. It may hold special meetings to consider urgent matters upon call of the Chairperson or upon initiative of at least two (2) members of the Board of Directors.

In order to constitute a quorum in Board meetings, a majority of the total membership of the Board shall be present. The approval by a majority of all members of the Board of Directors shall be required to constitute a decision of th Board of Directors.

The Board of Directors shall maintain and preserve a complete record of the proceedings and deliberations of the Board of Directors, including the minutes, transcripts, and records, either in original or digital form. The meetings of the Board of Directors may be conducted through modern technologies such as teleconferencing and videoconferencing.

SEC. 26. Risk Management Committee - The Board shall organize a Risk Management Committee composed of five (5) members as follows:

(a) One (1) Independent Director as Chairperson;

(b) One (1) ex officio member of the Board;

(c) One (1) Regular Director; and

(d) Two (2) senior executives of the MIC, one of whom is the key risk management officer.

The Risk Management Committee shall ensure that the MIC is taking the appropriate measures to achieve a prudent balance between risk and reward in both ongoing and new business activities, taking careful consideration of risk identification, measurement and assessment, mitigation, reporting and monitoring.

SEC. 27. Advisory Body. - An Advisory Body is hereby created which shall be composed of the Secretary of the Department of Budget and Management, the Secretary of NEDA, and the Treasurer of the Philippines.

SEC. 28. Powers and Functions of the Advisory Body. - The Advisory Body shall exercise the following powers and functions:

(a) Advise and assist the Board of Directors in the formulation of the general policies related to investment and risk management, and other matters as may be necessary to carry out the provisions and purposes of this Act;

(b) Advise and provide guidance on issues pertaining or related to the plans and projects of the MIC;

(c) Recommend Regular and Independent Director candidates who shall be appointed by the President of the Philippines pursuant to Section 20 of this Act; and

(d) Perform other functions, duties and responsibilities necessary to effectively carry out its mandate.

Except as otherwise provided under this Act, the Advisory Body shall not take part in the management of the MIC.

SEC. 29. Applicability of the GOCC Governance Act of 2011. - The  MIC shall be subject to the provisions of Republic Act No. 10149 or the "GOCC Governance Act of 2011".

SEC. 30. Applicability of the Government Procurement Reform Act. - All procurement activities of the MIC shall be subject to, and governed by, the provisions of Republic Act No. 9184, otherwise known as the "Government Procurement Reform Act" and its implementing rules and regulations, except the engagement of professional, or technical services necessary for the selection of investments under Section 8 hereof, such as fund management, investment analysis, advisory and underwriting, securities brokerage and dealership, and capital market and equity research analysis: Provided, That the selection process to be adopted by the MIC for the engagement of the foregoing professional and technical services shall be open and competitive, and approved by the Board.

SEC. 31. Designation and Secondment. - For the first five (5) years of its operation, the MIC Board, upon the recommendation of the PCEO, shall authorize GFI non-executive personnel to the MIC, as may be necessary, subject to existing guidelines on secondment of the Civil Service Commission.

The designation of the respective GFI's personnel to the MIC involves the imposition of additional and/or higher duties to be performed by said personnel for the MIC which is temporary and can be terminated anytime at the pleasure of the appointing officer/authority. Designated personnel shall continue to receive their salaries, benefits, and emoluments from their respective offices or agencies: Provided, That they shall be paid honoraria for the additional and/or higher duties to be performed for the MIC.

The secondment of the GFI's personnel to the MIC involves the movement of said personnel from their mother agencies and offices to the MIC, which is temporary in nature, which may or may not require the issuance of an appointment, and which may or may not involve increase in compensation and benefits. Seconded personnel shall receive, in lieu of their respective compensation from their respective agencies or offices, the salaries, emoluments and all other benefits which their positions are entitled to receive from the MIC.

SEC. 32. Applicability of Republic Act No. 7656. - The MIC shall be subject to the provisions of Republic Act No. 7656 or "An Act Requiring Government-Owned or -Controlled Corporations to Declarer Dividends Under Certain Conditions to the National Government, and for Other Purposes".

SEC. 33. Financial Reporting Framework. - The financial statements and reports shall be prepared, in accordance with the relevant Financial Reporting Standards and Principles.

SEC. 34. Engagement of an Internal Auditor. - The Board shall appoint an internal auditor, who shall provide audit reports to the Board of Directors. The internal auditor shall be independent from the management of the MIC and shall be under the direct control and supervision of the Board of Directors. The PCEO shall ensure that the internal auditor, including the staff, shall have access to all documents and information pertinent to the audit.

SEC. 35. Engagement of an External Auditor. - The Board shall engage, for each accounting period or as soon as practicable after the commencement of the relevant accounting period, an internationally recognized auditing firm to be the external auditor of the Fund and to audit its financial statements.

The external auditor shall conduct annual audit for a maximum engagement period of three (3) consecutive years under such terms and conditions as may be determined by the Board of Director5s.

SEC. 36. Audit by the Commission on Audit. - The books and accounts of the MIC shall be subject to the examination and audit of the Commission on Audit (COA) pursuant to Article XI of the 1987 Philippine Constitution. All financial transactions shall be governed by the applicable government laws, rules, and regulations. The COA shall prescribe the guidelines of the audit of the MIC and the Fund under its management in accordance with international best practices. In defining the scope of its audit, the COA shall coordinate with the external auditor as provided under Section 35 of this Act. The COA shall conduct a special audit every five (5) years.

SEC. 37. Disposal of Investment Assets. - Notwithstanding, any law, rules, regulations, or other issuances to the contrary, the disposal by MIC, pursuant to its mandate and functions, of shares, securities, and other interests and investments, shall not be covered by existing laws and regulations on disposal of government assets.

SEC. 38. Joint Congressional Oversight Committee. - There shall be created a Maharlika Investment Fund Joint Congressional Oversight Committee (MIF-JCOC) to oversee, monitor, and evaluate the implementation of this Act. the MIF-JCOC shall be composed of seven (7) members each from the House of Representatives and the Senate. The MIF-JCOC shall be co-chaired by the Chairpersons of the House Committee on Banks and Financial Intermediaries and the Senate Committee on Banks, Financial Institutions and Currencies.

The Speaker and the Senate President shall designate the other six (6) members of the MIF-JCOC of the House and the Senate from among the members of the House Committee on Banks and Financial Intermediaries and the Senate Committee on Banks, Financial Institutions and Currencies, at lease one (1) member of which shall be from the Minority.

The MIC shall make a quarterly confidential submission of all investments, whether planned or under negotiation by the MIC and on the portfolio of the MIF, to the MIF-JCOC.

All audit reports of the internal and external auditors for each accounting period shall likewise be submitted to the MIF-JCOC.

SEC. 39. Right to Freedom of Information of the Public. - All documents of the MIF and the MIC shall be open, available, and accessible to the public, as may be allowed by law, in both English and Filipino, including bit not limited to:

(a) All investments thereof, by the MIC and on the portfolio of the MIF;

(b) The Statement of Assets, Liabilities, and Net Worth (SALNs) of the members and officials of the Board of Directors, Risk Management Committee, and Advisory Body;

(c) The SALNs of those appointed and designated the said members and officials;

(d) Audit documents from the COA; and

(e) Similar documents and information.

SEC. 40. Provision for Access Rights and Retention Period of Records. - The records of the MIC pertaining to its investment activities shall be secured and maintained pursuant to the rules of the National Archives of the Philippines. The relevant disclosure rules under Republic Act No. 8799 or "The Securities Regulation Code", Republic Act No. 11232 or the "Revised Corporation Code of the Philippines", and other laws, rules and regulations shall apply to the MIC. The MIC shall be covered by Executive Order No. 2, s. 2016. All reports of the MIC pursuant to the disclosure rules under existing laws shall be published on its website that shall be immediately updated and made easily accessible to the public.

SEC. 41. Reports of Government Financial Institutions to Stakeholders. - GIFs with investments in the MIC shall include the performance of their investments, a risk assessment of their exposure and strategies to manage such risks, and other relevant information in their annual reports.

SEC. 42, Compliance with Santiago Principles. - The audits required under this article shall include an assessment of the implementation of the Santiago Principles and recommendations to improve compliance with such principles.

SEC. 43. Dispute Settlement. - The provision of existing laws to the contrary notwithstanding, any dispute, controversy or claim arising out of or relating to investments entered pursuant to this Act or the breach, termination or invalidity thereof shall be resolved by good faith negotiations between the parties.

In the event that such negotiations do not succeed, any dispute, controversy or claim arising out of or relating to investments entered pursuant to this Act or the breach, termination or invalidity thereof shall be settled in accordance with internationally accepted institutional systems of arbitration of which the Philippines is a signatory.

The MIF-JCOC created under Section 38 hereof shall regularly be apprised of the status of any dispute settlement proceeding.

SEC. 44. Violation of Disqualification Provision; Penalties. - A director or officer who willfully holds office while possessing any of the disqualifications or willfully conceals a ground for disqualification as provided for in Section 20 and 22 of this Act shall be punished with a fine ranging from Five million pesos (P5,000,000.00) to Seven million pesos (P7,000,000.00) at the discretion of the court, and perpetual disqualification from holding public office. When the violation of this provision is injurious or detrimental to the public, the penalty shall be a fine ranging from Ten million pesos (P10,000,000.00) to Fifteen million pesos (P15,000,000.00).

SEC. 45. Violation by an Independent Auditor; Penalties. - An independent auditor who, knowingly certifies the corporation's financial statements despite its gross incompleteness or inaccuracy, its failure to give a fair and accurate presentation of the corporation's condition, or despite containing false or misleading statements, shall be punished with a fine ranging from Five million pesos (P5,000,000.00) to Seven million pesos (P7,000,000.00), imprisonment of six (6) years, and perpetual disqualification from holding public office. When the statement or report certified is fraudulent, or had the effect of causing injury to the general public, the auditor or responsible officer may be punished with a fine ranging from Ten million pesos (P10,000,000.00), imprisonment of six (6) years, and perpetual disqualification from holding public office.

SEC. 46. Acting as Intermediaries for Graft and Corrupt Practices; Penalties. - Any person, natural or juridical, who allows itself to be used for fraud, or for committing or concealing graft and corrupt practices - by the directors, officers, or other employees of the MIC - as defined under pertinent laws, rules and regulations, shall be liable for a fine ranging from One million pesos (P1,000,000.00) to Five million pesos (P5,000,000.00), imprisonment of six (6) years, and perpetual disqualification from holding public office.

When there is a finding that any of its directors, officers, employees, agents, or representatives are engaged in graft and corrupt practices, the Board of Director's failure to install: (a) safeguards for the transparent and lawful delivery of services; and (b) policies, code of ethics, and procedures against graft and corruption shall be prima facie evidence of corporate liability under this section.

SEC. 47. Tolerating Graft and Corrupt Practices; Penalties. - A director or officer of the MIC who fails to sanction, report, or file the appropriate action with proper agencies, allows or tolerates a graft and corrupt practices or fraudulent acts committed by a director, officer, employee, agent of representative shall be punished with a fine ranging from Five million pesos (P5,000,000.00) to Ten million pesos (P10,000,000.00), imprisonment of twenty (20) years, and perpetual disqualification from holding public office,

SEC. 48. Retaliation Against Whistleblowers. - A whistleblower refers to any person who provides truthful information relating to the commission or possible commission of any offense or violation under this Act. Any person who, knowingly and with intent to retaliate, commits act detrimental to a whistleblower, such as interfering with the lawful employment or livelihood of the whistleblower, shall, at the discretion of the court, be punished with a fine ranging from One million pesos (P1,000,000.00) to Two million pesos (P2,000,000.00), and imprisonment of six (6) years.

SEC. 49. Separate Liability. - Liability for any of the foregoing offenses shall be separate from and in addition to any other administrative, civil, or criminal liability under other laws, such as, but not limited to:

(a) Act No. 3815 or the "Revised Penal Code", as amended;

(b) Republic Act No. 3019 or the "Anti-Graft and Corrupt Practices Act", as amended;

(c) Republic Act No. 6713 or the "Code of Conduct and Ethical Standards for Public Officials and Employees";

(d) Republic Act No. 1379;

(e) Republic Act No. 7080 or "An Act Defining and Penalizing the Crime of Plunder";

(f) Republic Act No. 9160 or the "Anti-Money Laundering Act of 2001" as amended;

(g) Executive Order 292 or the "Administrative Code of 1987";

(h) Republic Act No. 9184 or the "Government Procurement Reform Act";

(i) Republic Act No. 386 or "The Civil Code of the Philippines", as amended;

(j) Republic Act No. 11232 or the "Revised Corporation Code of the Philippines"; and

(k) Other relevant laws, rules and regulations.

SEC. 50. Prescription of Crimes/Offenses. - The crimes/offenses punishable under this Act, shall prescribe in ten (10) years. However, the right of the State to recover properties unlawfully acquired by the person involved, nominees, or transferees in embezzlement and misappropriation of the funds shall not be barred by prescription, laches, or estoppel.

SEC. 51. Appropriations. - A portion of the National Government capital contribution, either through subscription of common shares or of preferred shares, under Section 6 hereof shall be sourced from the following:

(a) Bangko Sentral ng  Pilipinas (BSP) dividends. For the first and second fiscal years upon the effectivity of this Act, one hundred percent (100%) of the BSP's total declared dividends, as computed under Republic Act No. 7653, also known as the "New Central Bank Act", as amended by Republic Act No. 11211, shall be remitted to the National Government for the capitalization of the MIC in the amount not exceeding the Fifty billion pesos (P50,000,000,000.00) initial subscription of the National Government to the capitalization of the MIC under this section: Provided, That the Monetary Board may recommend to the President of the Philippines the reduction of BSP's dividend contribution to the MIC whenever economic conditions may warrant; thereafter, the dividends of the BSP shall be remitted to the National Government to fund the increase in the capitalization of the BSP in accordance with Section 2 of Republic Act No. 7653, as amended by Republic Act No. 11211;

(b) Government share in PAGCOR, and revenue from other government-owned gaming operator and/or regulators. Ten percent (10%) of the National Government's share from the income of the PAGCOR, as provided for in Presidential Decree No. 1869, as amended: Provided, That the share earmarked for the Universal Health Care Act under Section 37(b) of Republic Act No. 11223 shall not in any manner be diminished: Provided, further, That the above funding from PAGCOR will be for a period of five (5) years. Accordingly, other government-owned gaming operators and/or regulators shall also contribute ten percent (10%) of their revenues from gaming operations for a period of five (5) years;

(c) DOF-PMO Proceeds from the privatization of government assets, the amount of which shall be determined by the Privatization Council, subject to budgeting, accounting, and auditing laws, rules, and regulations subject to the conditions provided under Section 6 of this Act; and

(d) Other sources, such as royalties and/or special assessments, subject to budgeting, accounting, and auditing laws, rules, and regulations.

The amount of contribution provided in Section 6 shall be remitted to the National Treasury as a special account in the General Fund and are hereby appropriated solely for the payment of the MIC's capitalization subscribed by the National Government which shall not exceed fifty-one percent (51%) of the authorized capital stock. Thereafter, all funds collected under Section 6 shall be deposited to the National treasury under the General Fund to support the national budget.

SEC. 52. Statutory Counsel. - The Office of the Government Corporate Counsel (OGCC) is the statutory counsel of the MIC and shall handle its legal affairs.

SEC. 53. Corporate Term of the MIC. - The MIC shall exist for a term of thirty-five (35) years from the date of the effectivity of this Act, unless sooner repealed or extended by Congress.

SEC. 54. Implementing Rules and Regulations. - Within ninety (90) days from the effectivity of this Act, the Treasurer of the Philippines, in consultation with the Founding GFIs, shall promulgate the necessary rules and regulations for the implementation of this Act..

SEC. 55. Suppletory Application. - The provisions of Republic Act No. 11232, also known as the "Revised Corporation Code of the Philippines", to the extent relevant and consistent with this Act, shall be applicable to the MIC.

SEC. 56. Separability Clause. - If any provisions of this Act are declared invalid or unconstitutional, the remaining parts of provisions not affected shall remain valid.

SEC. 57. Repealing and Amendatory Clause. - All acts, executive orders, administrative orders, proclamations, rules and regulations or parts thereof inconsistent with any of the provisions of this Act, are hereby repealed or modified accordingly.

Particularly, the following laws or provisions of laws are hereby expressly amended to the extent of ensuring the full implementation of the provisions of this Act:

(a) Section 2 of Republic Act No. 7653 or the "New Central bank Act", as amended by Republic Act No. 11211; and

(b) Presidential Decree No. 1869, otherwise known as the "PAGCOR Charter, as amended", without prejudice to Section 37 of Republic Act No. 11223 or the "Universal Health Care Act".

SEC. 58. Effectivity. - This Act shall take effect immediately upon its publication in the Official Gazette or in a newspaper of general circulation in the Philippines.

After effectivity, this Act shall also be promulgated in Filipino. 

Approved,
 

(SGD.) FERDINAND MARTIN G. ROMUALDEZ           Speaker of the House of          Representatives

(SGD.) JUAN MIGUEL F. ZUBIRI               President of the Senate