House Commission XI Targets PFII Bill for Plenary Session on 21 July
Jakarta (ANTARA) - The Indonesian House of Representatives (DPR) Commission XI has agreed to proceed with the discussion of the Bill on the Indonesia International Financial Centre (PFII) to the Working Committee (Panja) level. The goal is to complete the process and secure approval from all factions during Level II Discussions or the Plenary Session on 21 July 2026.
The Bill is also targeted for enactment as law within three months, specifically during the period from June to August 2026.
“This means that one day prior (20 July), Level I approval must be reached, and the details regarding who will be invited for meaningful public participation will be determined in the Working Committee meeting. Therefore, I am stating that by 21 July, approval at Level II must be achieved,” said the Chairman of Commission XI of the DPR, Mukhamund Misbakhun, during a working meeting with the government at the Parliament Complex, Jakarta, on Thursday.
During the meeting, Commission XI received the academic manuscript and the draft of the PFII Bill for further in-depth study and discussion in the Working Committee meetings.
The Government and the DPR have begun discussing the PFII Bill as the legal foundation for establishing an international-standard financial centre in Indonesia. The Government considers this regulation a strategic step to attract investment, strengthen the national financial sector, and enhance Indonesia’s global competitiveness.
Finance Minister Purbaya Yudhi Sadewa stated that the drafting of the Bill is part of the effort to realise a national economy that is stronger, more inclusive, sustainable, and globally competitive. “This Bill is being drafted as part of the government’s efforts to achieve a national economy that is stronger, more inclusive, sustainable, and globally competitive, as reflected in the Asta Cita programme,” said Purbaya.
The Finance Minister explained that Indonesia possesses strong capital to play a larger role in the global financial ecosystem through its large national economy, vast domestic market, strategic geographical position, rich natural resources, and positive long-term economic growth prospects.
Nevertheless, to date, Indonesia does not yet possess an international financial zone specifically designed with governance standards, legal certainty, institutional frameworks, and competitiveness equal to various international financial centres around the world. Based on this, the government has proposed the formation of the PFII as a specialised zone to accommodate the needs of the global financial services industry while acting as a catalyst for deepening the national financial sector.
“The establishment of the PFII is intended to increase Indonesia’s competitiveness as an international financial centre, serve as a catalyst for deepening the national financial sector, develop financial sector innovation, increase investment, facilitate financing for the real sector, national strategic projects, sustainable financing, and strengthen the financial sector’s contribution to Indonesia’s overall economic growth,” said the Finance Minister.
The Finance Minister added that the drafting of the PFII Bill is also a mandate of Article 248A of Law Number 4 of 2026 regarding the Amendment to Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (PPSK). Thus, the formation of the PFII has a strong legal basis as part of the national financial sector transformation agenda.
Consequently, the government hopes that the discussion of the PFII Bill with the DPR RI can proceed constructively to produce a robust legal foundation for the development of an internationally competitive Indonesia International Financial Centre, based on good governance, legal certainty, and while upholding the sovereignty of the Republic of Indonesia.