The House of Representatives left the approval of the controversial Maharlika Wealth Fund Bill on second reading hanging after adjourning Tuesday's session without further explanation.
The House, however, assured it will not go on Christmas recess unless the contentious legislation sweeps the plenary's floor.
Last week, House Majority Leader Mannix Dalipe disclosed that the Maharlika bill would undoubtedly be passed on the second reading before the House adjourns for the holiday break beginning 17 December.
The plenary, on Monday, opened its floor to scrutinize House Bill 6398, or the proposed Maharlika Wealth Fund Act. However, lawmakers moved to suspend the session, giving it another chance to be passed on Tuesday.
Members of the minority interpolated and scrutinized the legislation's approval during a two-day open session, which will continue until Wednesday.
Independent minority lawmaker Edcel Lagman of Albay even penned a letter to Speaker Martin Romualdez, one of the bill's principal authors, reiterating his call that the MIF should not be fast-tracked.
"With the Maharlika bill still in progress to accommodate perfecting amendments and the ascertainment of substitute contributors in lieu of GSIS and SSS still pending, may I earnestly reiterate my earlier call that the Maharlika bill must not be fast-tracked," the letter read.
Lagman said their holiday recess will afford the members of the House sufficient time to consult with their constituents on the pros and cons of the proposed measure.
Not in a rush
One of the bill's co-authors, Surigao del Sur Rep. Johnny Pimentel, was, however, quick to rebuff the claims, saying that the House is not rushing to pass the bill.
"No, we are not rushing this bill. In fact, the President has not certified this as urgent kasi kung cinertify n'ya (if he certified this) as urgent we can have it approved by Thursday," he said in a television interview on Tuesday.
He added: "Because of time constraints, we cannot have this approved on third reading… we just started the discussion on this, deliberating on this on the floor in the plenary session."
Several provisions have been made in response to the solid backlash from the public, business sectors, civil society, and even legislators.
Proponents of the proposed legislation seeking to create a P275-billion sovereign wealth fund include the President's son, Ilocos Norte Rep. Sandro Marcos, and other House members allied with the President.
Among the amendments to the bill are the removal of two major state pension funding sources, the Government Service Insurance System and the Social Security System, as mandatory contributors, the replacement of the President as chair of the board with a Secretary of Finance, and the reversion of the bill's original name.
Meanwhile, lawmakers from diverse political parties in the House of Representatives see no conflict in supporting the controversial bill Maharlika Wealth Fund.
The creation of the P275-billion sovereign wealth fund aiming to maximize the profitability of investible government assets was proposed under House Bill 6398, whose proponents are allied with President Ferdinand R. Marcos Jr.
Filed on 28 November, House Bill 6398 was swiftly passed on first reading.
Admitting that the bill is contentious, Quezon City Rep. Mark Enverga, one of the leaders in the House of the Nationalist People's Coalition, said that aside from boosting national revenues, the country must have the MIF to meet its financial obligations.
Stalwarts of the once-ruling PDP Laban, Deputy Speaker Aurelio Gonzales Jr., and San Jose del Monte City Rep. Florida Robes expressed support for the legislation, saying the creation of the MWF will benefit the motherland and its people.
Proponents of the measure had to come up with several refinements and provisions to the controversial bill in the face of simmering public backlash and opposition from various business groups, civil society, and even lawmakers, including Senator Imee Marcos, the President's sister.
The bill's first revision dropped the mandatory contributions from the Government Service Insurance System and the Social Security System, which the public claimed could jeopardize contributors' and pensioners' retirement funds.
Some provisions were followed by replacing the President as chair of the board with the Secretary of Finance, penal provisions, and reverting it to its original name, among others.