Pimentel calls on Marcos to veto proposed Maharlika fund

Senate Minority Leader Aquilino "Koko" Pimentel III on Friday urged President Ferdinand "Bongbong" Marcos Jr. to veto the proposed Maharlika Investment Fund, saying it "is not acceptable" in its current form.

In a press statement, Pimentel said the proposed measure should be returned to Congress for rectification.

"The bill, in its current form, is not acceptable. I am calling on the President to exercise his veto power and return the measure to Congress," Pimentel said.

"It is in the best interest of the Filipino people and the administration if the measure is sent back to Congress, so we will have the chance to take a second look at the measure in order to address the concerns raised by many sectors.”

Pimentel said the "flaws" in the measure are "consequences of haste" as he  branded the MIF as an "ill-conceived" legislation.

He said the MIF is "full of opaque provisions, contradictions, ambiguities, and loopholes," which both chambers of Congress have failed to address.

"By returning it to Congress, it will allow us to resolve conflicting provisions and add more safeguards to protect the funds and foster transparency and accountability," Pimentel said.

He warned that if not vetoed, the MIF "cannot withstand the scrutiny of the Supreme Court."

"The MIF can be challenged before the courts and for those planning to do this, I will make myself available as a source of some facts, information and arguments," he said.

GMA News Online reached the Presidential Communications Office for comment regarding Pimentel's call but it has yet to reply as of posting time.

The MIF seeks to establish a sovereign wealth fund by tapping state assets. During the bicameral conference committee meeting Wednesday, the House of Representatives adopted the Senate version of the bill.

Marcos earlier guaranteed that the national government has no intention of using state pension funds as "seed fund" for the MIF. 

Finance Secretary Ben Diokno, meanwhile, allayed fears that the Bangko Sentral ng Pilipinas (BSP) may find it difficult to perform its price and financial stability mandate once its dividends are allocated to the MIF.

“BSP contribution to MIF is not a threat to financial stability,” Diokno, who is also a former BSP governor, said in a statement. —Anna Felicia Bajo/KBK, GMA Integrated News