Maharlika fund bill transmitted to Palace, Marcos ok awaited

By Jennifer T. Santos

MANILA – To sign or not to sign into law.

This is a decision President Ferdinand Marcos Jr. will make following the offi cial transmittal of the controversial measure seeking to create a Maharlika Investment Fund to Malacañang.

Senate President Juan Miguel Zubiri and House of Representatives Speaker Martin Romualdez together with their respective chamber secretaries signed the measure and immediately transmitted to Malacanang for the President’s approval or veto.

Earlier, President Marcos said he will immediately sign the Maharlika Fund bill once he receives it.

The MIF bill seeks to establish a sovereign wealth fund that will be used to invest in a wide range of assets, including foreign currencies, fi xed-income instruments, domestic and foreign corporate bonds, commercial real estate and infrastructure projects to help promote economic development.

The bill seeks the establishment of the Maharlika Investment Corporation (MIC) which will act as the “sole vehicle for the purpose of mobilizing and utilizing the MIF for investments in transactions in order to generate optimal returns on investments (ROIs).”

Under the proposed measure, the MIF will not touch the funds of the Social Security System (SSS), Government Service Insurance System (GSIS), Philippine Health Insurance Corporation (PhilHealth), or Home Development Mutual Fund

(HDMF)

According to the offi ce of Romualdez, the Congress-approved bill was transmitted to the Senate on Monday, July 3. Zubiri signed the bill last June 21 in Washington D.C.,United States.

The latest version of the bill drew criticisms from opposition led by Sen. Aquilino Koko Pimentel III and progressive groups after Zubiri said there were corrections made that were thoroughly discussed by the majority bloc in their Viber group prior to his signature.

Zubiri denied allegations of “tampering,” saying the enrolled bill that he signed was a “truthful refl ection” of the intent of the members of Congress.

Zubiri said once the measure is signed into law, the Implementing Rules and Regulations will be prepared by the national government’s economic managers and a council, which will recommend to President Marcos the people who will manage the MIF.

He reiterated that the MIF bill was not rushed or tampered by the Senate, assuring that the provision in the measure citing a 10-year prescription of crimes and off enses was properly discussed in the plenary and can be found in the transcript of records.