Zubiri: RCEP ratification, Maharlika fund discussed during meeting with Marcos

Senate President Juan Miguel Zubiri on Saturday said the Regional Comprehensive Economic Partnership (RCEP) and the proposed Maharlika Investment Fund (MIF) were among the priority measures discussed during the congressional leaders' meeting with President Ferdinand "Bongbong" Marcos Jr. on Friday. 

Zubiri said the Senate was committed to discussing and ratifying the RCEP as soon as possible.

The RCEP is a free trade agreement covering members of the Association of Southeast Asian Nations and its partners Australia, China, Japan, South Korea, and New Zealand.

Zubiri said the ratification of the RCEP will provide a wider market for local products.

He also thanked the President after he agreed not to rush the passage of the MIF bill, which seeks to create a sovereign wealth fund for the Philippines.

"Pinag-usapan din namin ang MIF at nagpasalamat ako kay Presidente sa pagsang-ayon niya na wag madaliin ang panukalang ito para mapaganda talaga namin ang mga iba't ibang probisyon ng MIF at malagyan ng mga sapat na safeguards na maproteksyonan ang pondong iyan na hindi matamaan ng korupsyon or mismanagement," he said in a statement. 

Marcos' economic managers will brief the senators about the proposed MIF, which was approved by the House of Representatives on final reading last month, on January 30. 

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

Zubiri said that their discussion also included other priority measures such as the condonation of unpaid amortization and interest on loans of agrarian reform beneficiaries, and amendments to the law on the fixed three-year term for some military officials. 

He said that a "handful" of health bills were also discussed, such as the Medical Reserve Corps Act, the Center for Disease Prevention and Control Act, and the Virology Science and Technology Institute of the Philippines Act for the first quarter of this year.

"Our promise to the President is that we will work hard to pass the bills that will help make a big impact on our economy, but most especially on all our kababayans so that the economic growth is felt by them as well," he said.

Zubiri and Marcos were joined in the meeting by Speaker Martin Romualdez. —VBL, GMA Integrated News