ZUBIRI VOWS SWIFT APPROVAL OF MAHARLIKA BILL

SENATE President Juan Miguel Zubiri vowed on Thursday, May 25, 2023, to swiftly approve a measure seeking the establishment of the Maharlika Investment Fund.

Zubiri said the plan is to approve Senate Bill 2020, also known as the Maharlika Investment Fund Bill, on second and third reading next week after it was certified as urgent by President Ferdinand “Bongbong” Marcos Jr.

He said the bill could be closed and approved during the same week.

“We are accommodating the last few members who want to interpellate on Monday (May 29), then we can open the period of amendments immediately after,” Zubiri said.

Marcos, in his certification, stated that there is a “compelling need for a sustainable national investment fund as a new growth catalyst to accelerate the implementation of strategic and high-impact large infrastructure projects that will stimulate economic activity and development.”

Zubiri expressed hope that the House of Representatives will adopt its version of the measure, which was passed in December, 17 days after it was filed since Marcos also certified it as urgent.

He added that their version of the measure includes more safeguards to prevent the misuse of the Maharlika Investment Fund.

The fund aims to diversify the country’s financial portfolio by attracting more investors.

The funds will be sourced from the investible funds of select government financial institutions (GFIs), contributions from the national government, declared dividends of the Bangko Sentral ng Pilipinas, and other sources of funds.

These funds will be used to strategically and commercially invest, promoting fiscal stability for economic development, and strengthening the top-performing GFIs through additional investment platforms that will help achieve the national government’s priority plans.