President Ferdinand Marcos Jr. has certified Senate Bill No. 2020, which seeks to establish the Maharlika Investment Fund, as a priority legislative measure.

In a letter to the Senate dated 22 May, Marcos cited the “compelling need” for a “sustainable national investment fund” amid the rising inflation rate driven by various factors.

“Pursuant to the provisions of Article VI, Section 26 (2) of the 1987 Constitution, I hereby certify to the necessity of the immediate enactment of Senate Bill No. 2020,” the letter read.

“With the downgrade of the global growth projection this year on account of debilitating inflation, fluctuating and unstable prices of crude oil and other fuels due to the protracted conflict between Ukraine and Russia, and continuing interest rate hikes in the international financial sector, there is a compelling need for a sustainable national investment fund as a new growth catalyst to accelerate the implementation of strategic and high-impact large infrastructure projects that will stimulate economic activity and development,” it added.

The letter, which was received by the Senate on 23 May but only released to media by 24 May, was addressed to Senate President Juan Miguel “Migz” Zubiri.

The House of Representatives had approved on third and final reading House Bill No. 6608, or the proposed MIF bill, before adjourning for the Christmas break last year.

Its counterpart, the Senate, is still discussing the proposed measure more than a week before the sine die adjournment on 2 June.

On Tuesday, Zubiri urged the economic managers, including Finance Secretary Benjamin Diokno, to personally attend the interpellation at the Senate “for them to show support for the measure and help rally the members to help pass the measure.”

Asked if the upper chamber will approve the Maharlika Investment Fun bill on third and final reading today, the Senate chief said: “Not really.”

The Senate is “targeting” to approve the measure “next week,” he added.