Claim: Senate Bill No. 1212, also known as the Philippine Investment Fund Corporation Act, was not approved by the Senate because its management structure was not specified.
The bill, authored by former senator Paolo Benigno “Bam” Aquino, was filed in 2016 in a bid to establish a sovereign wealth fund.
Why we fact-checked this: The YouTube video containing the claim has over 2,600 likes, 405 comments, and 34,665 views as of writing.
Written in the bill: Article IV of the proposed Philippine Investment Corporation Act specified the proposed sovereign wealth fund’s management structure, which is composed of a supervisory council and a board of directors.
According to Section 14 of Article IV of the proposed measure, the supervisory council shall “provide guidance, advice, and counsel” to the Philippine Investment Corporation’s board of directors and will consist of the following:
- President of the Philippines
- Department of Finance secretary
- National Treasurer
- Department of Budget and Management secretary
- Bangko Sentral ng Pilipinas governor
- Governance Commission for Government-Owned or Controlled Corporations chairperson
- Solicitor General
Section 14 also specified that the Philippine president and the finance secretary shall be the supervisory council chairman and vice chairman, respectively. The national treasurer shall head the supervisory council’s secretariat while the rest will be members of the council.
In Section 15 of Article IV, the bill stated that a board of directors will be responsible for the overall governance of the sovereign wealth fund.
Section 17 of Article IV stated that the board of directors of the sovereign wealth fund shall be composed of the following:
- Chairperson of the board
- Vice chairperson of the board
- Five members who are reputable members of the private sector with proven competence and experience in finance, economics, investments, business management, or law
- Two members from any of the leading business or financial associations of the Philippines
The qualifications, appointment process, duties, and responsibilities of the board of directors are specified in the succeeding sections of Article IV.
Status of the bill: According to the Senate of the Philippines website, the proposed Philippine Investment Fund Corporation Act remained pending at the committee level. – Lorenz Pasion/Rappler.com
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