Imee, Chiz warn vs. immediate passage of Maharlika bill

Senators Imee Macos and Francis "Chiz" Escudero on Monday warned against the immediate passage of the Maharlika Investment Fund (MIF), saying that the purpose and source of funds for the proposed sovereign fund are still vague.

In an ambush interview, Marcos said approving the bill before the sine die adjournment on June 2 would be “ideal” but the problem is the Senate version still has no “final language,” noting the supposed amendments from the Department of Finance.

“Ako, kung saka-sakaling minamadali, hindi ako papayag kasi malaking pera ‘yan. Mababaon ang ating mga anak. At hindi dapat minamadali yung ganyan,” Marcos said.

“Kung makumpleto lahat ng mga tanong (we can pass it this week), pero isang tambak pa rin yung mga tanong. Atsaka yung problema namin, wala talagang final na final na language. At ang balita ko, pati ‘yung DOF may pinapasok pa na amendment,” she noted.

(For me, if they are fast-tracking it, I will not allow it because it involves big money. It's something that shouldn't be done in haste. If all the questions will be answered, we can pass it this week, but there are still a lot of questions. And also there's no final language yet. I hear the DOF are inserting amendments.)

For Marcos, the source of funds for the MIF should be clear as she emphasized that a sovereign fund should be created because of excess revenues of the government, which she said the Philippines currently does not have.

“When you get a windfall, that is usually the beginning of a sovereign fund. I don't feel any windfall. Right now, I feel utang [debt],” she said.

The sister of President Ferdinand "Bongbong" Marcos Jr. also noted that even the foreign sovereign funds which serve as MIF’s model are currently at risk.

Escudero aired similar concerns, saying the purpose of the MIF is not clear even to its main proponents in the Senate.

“The purpose and main reason (and therefore direction and thrust) of the Fund is still vague and nebulous. It is not clear even for those pushing for the bill, much less in the bill itself,” Escudero said.

“Haste, (as the saying goes) makes waste. This should serve as a warning to those pushing for it because it might just be struck down and end up in the dumpsters if they proceed with it in a haphazard and nonchalant manner,” he added.

Escudero further said that he hasn’t seen the “test of economic viability” of the MIF until Monday. This, he said, is required by the 1987 Constitution if Congress will create a government-owned and -controlled corporation (GOCC) — which he said the proposed Maharlika Investment Corporation is.

“This is important in order for the bill to pass constitutional scrutiny in case someone questions it before the Supreme Court,” Escudero said.

Since the economic team will still propose a lot of amendments to the MIF bill, Escudero said he will clarify certain issues and seek a clean copy of the bill before voting on it.

Meanwhile, Senate Majority Leader Joel Villanueva said that the chamber might extend its session until Thursday to deliberate several legislations, including the MIF bill.

He also defended the Senate from criticisms that the passage of the MIF bill is being fast-tracked.

“Looking at the priority measures of this administration, ‘di naman natin inuna ang Maharlika. Ito lang ang [This is the] normal course and now that the President is calling for Congress to pass the measure, we’re here to respond and heed the call of the president,” Villanueva said.

The Senate only has until Friday to pass the controversial MIF bill as Congress is scheduled to adjourn sine die on June 2.

The bill is currently under the period of interpellations, after which, senators can introduce amendments.

Senate Bill 2020 can be passed on second and third reading in one day as President Marcos has certified it as urgent.

Earlier, Senate President Juan Miguel Zubiri expressed hope that the House of Representatives would adopt their version of the MIF bill.

Should the House adopt the Senate version, there is no need for a bicameral conference which is meant to reconcile the disagreeing provisions of Congress’ versions of the measure.

After the adoption, the bill will be sent directly to Malacañang for Marcos’ approval.  —KBK, GMA Integrated News