The obstructionists in the Senate, without taking a glance at its provisions, said they will shoot down the House-approved Maharlika Investment Fund bill because they believe it is a "bad idea".
After smooth sailing in the Lower chamber, the Senate will deliberate on the measure which many expect to be contentious given the negative arguments of several senators.
At the rate things are going, the Senate deliberation process will take its sweet time.
Senate President Juan Miguel "Migz" Zubiri made it plain that the Senate will touch the measure when Congress resumes on 23 January next year.
The Senate dissenters have the sole objective of defeating the bill.
"We have a chance that this proposal will be defeated: Defeated 100 percent… It's wrong," Pimentel, who blew his chance as Senate President by acquiescing with all of his colleagues and thus was perceived as weak and bragged.
Pimentel is following somebody else's agenda, When asked why he believes the proposal is detrimental to the Philippines, he said the current international investment climate is in bad shape.
"We are deep in debt and corruption and transparency are issues. Why are we going to create a vehicle that looks like the government, but is not as accountable as the government?" he said.
The Indonesian Investment Authority in which the MIF is patterned was able to generate co-investments of $20 billion for a $5 billion capital within a year.
Some detractors said the Indonesian sovereign wealth fund only manages $6.5 billion worth of global assets which is not bad at all for its maiden year.
While Pimentel and his super minority of two are focused on blocking the bill, the Marcos administration seeks to jumpstart the economy and pull Filipinos up from the pandemic quicksand.
Cash intervention has proven to be the most effective way to lift Filipinos from extreme poverty since assistance goes directly to those who needed help quickly.
The Department of Budget and Management has allocated P206.5 billion for cash transfers and subsidies in the 2023 budget broken down into P165.4 billion for the Department of Social Welfare and Development's social assistance programs; P22.39 billion for the Department of Health's medical assistance for indigent families; P14.9 billion for the Department of Labor and Employment's program for disadvantaged and displaced workers; P2.5 billion for the Department of Transportation's fuel subsidies; and P1 billion for the Department of Agriculture's fuel assistance program for corn farmers and fisherfolk.
Critics cited the perennial deficit spending as a reason to reject the MIF when the problem is among those that the investment vehicle seeks to address.
By blocking the MIF bill for partisan reasons, Pimentel and his super minority are, in effect, seeking the failure of the recovery program of the administration of President Ferdinand "Bongbong" Marcos.
The endorsement of the President for the immediate passage of the bill was heeded by the House of Representatives but not the Senate whose leadership appears to be not on the same page as PBBM.