House leaves Maharlika bill fate to Senate
‘It’s very clear that we need added investments. This is another way to get that…For sure, I would not have brought it up otherwise.’
Daily Tribune‘It’s very clear that we need added investments. This is another way to get that…For sure, I would not have brought it up otherwise.’
The House leadership is leaving the fate of its contentious Maharlika Investment Fund in the hands of the Senate.
Speaker Martin Romualdez, one of the measure's leading proponents, expressed confidence that their Senate counterparts share the same vision and purpose in pushing the Maharlika, which aims to sustain the country's economic growth.
"Together, the Senate and the House, along with the executive branch, can pave the way for more investments in our country through the MIF," Romualdez said Friday.
Contrary to Senate President Juan Miguel Zubiri's statement, Majority Leader Joel Villanueva said Maharlika is at the top of their legislative agenda, apart from condoning agrarian reform payments.
Zubiri, over the weekend, said that the Senate would consider the Maharlika next year but not as a priority measure owing to some conditions like deep discussion and careful consideration.
The House formally passed the contentious multibillion-peso Maharlika Investment Fund bill on the third and final reading during its last session before it went on Christmas recess, pursuant to the President's order to pass it as urgent.
President Ferdinand R. Marcos Jr., who himself admitted that he floated the idea of creating a sovereign wealth fund, has expressed support for the House-approved bill.
"It's very clear that we need added investments. This is another way to get that…For sure, I would not have brought it up otherwise," Marcos told reporters during his trip to Belgium two weeks ago.
The legislation, which has been heavily criticized since it was filed on 28 November by House leaders allied with the President, was amended to include additional safeguards against potential abuse and fraud in response to widespread criticism.
