Gatchalian, Pimentel voice concerns over Maharlika Investment Fund

Senate President Juan Miguel Zubiri sees the passage of the Maharlika Investment Fund (MIF) in the upper chamber after the Holy Week, but his colleagues over the weekend voiced concerns over the proposed wealth fund.

Senate Ways and Means Committee Senator Sherwin Gatchalian questioned the timing of the measure and the proposed funding sources.

“Kung kukunin sa GOCC (government-owned and -controlled corporations), eh di hindi na pupunta ‘yan sa general fund," said Gatchalian in Mav Gonzales' Sunday "24 Oras Weekend" report.

"‘Pag hindi na pupunta sa general fund or sa GAA (General Appropriations Act), hindi na natin magagastos ‘yan sa pagpapagawa ng eskwelahan, pagpapagawa ng kalsada, pagbibili ng medisina.”

(If this will be sourced from GOCCs, this cannot be placed into the general fund. If this is not placed into the general fund of the GAA, we will not be able to spend it for the construction of schools and roads, and the procurement of medicines.)

Senate Minority Leader Aquilino “Koko” Pimentel III on Saturday questioned the proposed fund, citing the number of revisions made to the measure which was not initially included in the administration’s list of priorities. 

“This is not mentioned in the [State of the Nation Address] and is not on the list of [Legislative Executive Development Advisory Council] priorities. Hence the question is: where is this coming from?” asked Pimentel.

“Who thought about this? Capitalists who have diminished incomes because of the slowdown of the economy?” he added.

The proposed measure has been certified as urgent by President Ferdinand “Bongbong” Marcos Jr., allowing Congress to approve it on second and third reading on the same day.

Among its authors are House Speaker Ferdinand Martin Romualdez, and Ilocos Norte 1st District Representative Ferdinand Alexander “Sandro” Marcos III, cousin and son of the President, respectively.

It is also backed by the government’s economic cluster led by Finance Secretary Benjamin Diokno.

The House of Representatives approved the MIF on third and final reading last December, with dividends from the Bangko Sentral ng Pilipinas (BSP) and state-run banks dropped as possible funding sources according to Albay Representative Jose Maria “Joey” Salceda.

Last week, Marcos touted the MIF in his opening remarks at the Philippines Country Strategy Dialogue in Davos. He also said the measure would fund critical infrastructure projects.

“We have to bring down the cost of electricity, the cost of power, the cost of oil. We have to make sure that there is food security,” House Speaker and presidential cousin Ferdinand Martin Romualdez said in the 24 Oras Weekend report.

“President Marcos will not sit on his hands. He has no time to just waste time,” he added. — Jon Viktor Cabuenas/DVM, GMA Integrated News