Upper Chamber MIF version vague, says solon
The House of Representatives approved the third and final reading of House Bill 6608, or the proposed MIF bill before adjourning for the Christmas break last year
Senator Imee Marcos on Monday said Senate Bill 2020, which seeks to establish the proposed Maharlika Investment Fund, is “still vague” and stressed that would not allow the immediate passage of the measure, even if it will be “ideal” to be passed before the sine die adjournment of Congress on 2 June.
“I will not allow it if ever it will be approved immediately because that’s a huge sum of money. Our children will be buried in debt. It is something that should not be fast-tracked,” said the lady senator despite the certification of the bill as a priority measure by his brother, President Ferdinand Marcos Jr.
Citing the “compelling need” for a “sustainable national investment fund” amid the rising inflation rate driven by various factors, the President certified the MIF bill as urgent last week.
However, the solon stressed that the “present form” of the Senate version of the MIF bill is still in the process of amendments.
“I noticed that, there are different amendments on the bill. Even the amendments from the Department of Finance are not yet finished,” said Marcos. “That is why we are confused. Where is the final form?”
To recall, the House of Representatives approved the third and final reading of House Bill 6608, or the proposed MIF bill before adjourning for the Christmas break last year.
The Senate has less than a week to pass the measure before the Congress adjourns on Friday, however, the upper chamber can extend its session to deliberate on the MIF bill and other priority measures during the two-week break.
Meanwhile, opposition Senator Risa Hontiveros expressed her concern regarding the recent amendment on the MIF bill that will enable the supposed board of directors of MIF to access the hard-earned pension funds from the Government Service Insurance System and the Social Security System.
Hontiveros specifically questioned the Section 12 of the proposed measure which contains the lines “other GFIs and GOCCs may invest into the Maharlika Investment Fund, subject to their respective investment and risk management strategies, and approval of their respective boards.”
“I would really not have the particular section. I would still request our colleagues in the majority to worry about this and to help remove this provision altogether at the proper time,” Hontiveros said.