Despite controversies and concerns, senators passed on Wednesday the third and final reading of the bill creating the Maharlika Investment Fund (MIF).
The MIF is a sovereign wealth fund that the government can use to make investments. 19 senators voted in favor of the bill while Senator Risa Hontiveros voted against it. Senator Nancy Binay abstained from the bill while Senator Koko Pimentel was not able to cast his vote.
A bicameral conference will be held on Wednesday to reconcile the versions of the Senate and the House of Representatives.
Senators Mark Villar, Pia Cayetano, Bato dela Rosa, Sherwin Gatchalian, Francis Tolentino, and Aquilino “Koko” Pimentel III will be representing the senate.
President Bongbong Marcos certified the MIF bill as urgent.
The bill will source its funds from the Land Bank of the Philippines (LBP), Development Bank of the Philippines (DBP) and the National Government.
“The rationale for this as many of our colleague including this representation has manifested on the floor in as much as we truly hope that the fund will be successful, we would like to ensure that the pension fund and aforementioned funds would not be touched to at least preserve this because we have experienced in the past the hard-earned money of our people were lost,” Senator Pia Cayetano said.
The bill also prohibited the appointment of board members with pending judicial and administrative cases related to fraud, plunder, corrupt practices, money-laundering, tax evasion, or any similar crimes involving misuse of money or breach of trust.
