Maharlika Fund briefing for senators set on Jan. 30 — Villanueva

The economic managers will brief the senators on January 30 regarding the objectives and other details of the proposed Maharlika Investment Fund (MIF), Senate Majority Leader Joel Villanueva said Tuesday.

"We have a scheduled meeting with economic managers on January 30," Villanueva said in a press conference.

On Monday, a bill creating the MIF filed by Senator Mark Villar was referred to the committee on banks, financial intermediaries, and currencies.

Villanueva said he will ask the economic managers during the briefing about the objectives of the bill, the fund sources of the sovereign wealth fund, and if the creation of the MIF would be possible even without a new law.

He also said that President Ferdinand "Bongbong" Marcos Jr.'s latest statement asking the Senate to study the MIF bill carefully is a "welcome development."

"Welcome development 'yung binanggit ng ating Pangulo na he is not expecting the Senate to fast-track [the passage of the bill]. He cautioned us to be very careful and, you know, the President came from the Senate so he knows very well how senators work," he said.

"We will definitely scrutinize and see to it that this is needed, protected...higit sa lahat maa-address nito 'yung tinarget na objectives ng ating panukalang batas," he added.

Further, Villanueva said the Senate is "more than willing" to work with the executive department regarding this measure.

Based on his observation, the majority leader said his colleagues are now open to discussing the measure unlike before when there were many "negative reactions."

Over the weekend, Senate President Juan Miguel Zubiri said he expects that the MIF bill in the Upper Chamber will be passed on final reading after the Holy Week.

However, Senate Minority Leader Aquilino "Koko" Pimentel III and Senator Sherwin Gatchalian voiced out their concerns over the measure.

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.

The House of Representatives approved the MIF bill 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.

Among the authors of the bill were 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.

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.—AOL, GMA Integrated News