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September 24, 2023

BSP to allocate P62 billion for Maharlika Investment Fund in 2 years

The Bangko Sentral ng Pilipinas (BSP) is set to provide around P62 billion to the National Government over the next two years to support the Maharlika Investment Fund (MIF).

This was confirmed by Bankero and BSP Governor Eli M. Remolona. Remolona, who indicated that a memorandum order for the release of P31 billion in dividends to the government has been signed, intended for MIF capital.

The BSP’s financial stability allows them to make this contribution, despite not being obliged to remit dividends to the government since 2020 under the revised BSP Charter.

After two years of full dividend payout, the BSP will remit 50 percent of dividends to the MIF in the subsequent years.


Three rural banks merge to enhance financial stability

Three rural banks have successfully merged in a move aimed at bolstering their financial stability, as confirmed by the Bangko Sentral ng Pilipinas (BSP). The merger officially took effect on July 13, following the necessary regulatory approvals, as detailed in a circular letter signed by Bankero and BSP Deputy Governor Chuchi G. Fonacier on September 15.

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