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Maharlika Investment Fund approved by the House despite heavy criticism 

Marcos declared the bill as urgent “in order to establish a sustainable national investment fund as a strategic mechanism for strengthening the investment activities of top performing government financial institutions, and thus pump-prime economic growth and social development.”

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After President Ferdinand Marcos Jr. certified it as urgent, the House of Representatives swiftly and overwhelmingly approved the bill to establish the controversial Maharlika Investment Fund on Thursday by a vote of 279 to 6.

Reps. Gabriel Bordado (Camarines Sur, 3rd District), Arlene Brosas (Gabriela party list), France Castro (ACT Teachers party list), Mujiv Hataman (Basilan), Edcel Lagman (Albay, 1st District), and Raoul Manuel (Kabataan party-list) were the only members of the House to vote against the bill.

Moments after the House approved the Maharlika fund bill on second reading by voice vote, the chamber’s secretary general read a message from President Marcos certifying the bill as urgent, allowing lawmakers to circumvent the constitutional rule requiring bills to be passed on three separate days.

Marcos certified the bill as urgent “in order to establish a sustainable national investment fund as a strategic mechanism for strengthening the investment activities of top performing government financial institutions, and thus pump-prime economic growth and social development.”

“We are being set up for something,” Senate Minority Leader Aquilino Pimentel III said in reaction to Marcos certifying Maharlika as urgent. “We will try to find out when we interpellate on the Maharlika Fund bill. What is it that they really want to achieve with this measure?”

From when it was filed to when it was passed on the third reading, the Maharlika fund bill was only discussed in the House for 17 days. Lawmakers also said they were not trying to rush it.

Just one day before the House voted to approve the MIF, Finance Secretary Benjamin Diokno urged Marcos to certify the bill as urgent, even though the public was against it. Businesses, academics, and civil society were some of the loudest critics.

Many were shocked that the MIF was approved that quickly given the criticism it has received.

Senior Deputy Minority Leader and Northern Samar 1st district Rep. Paul Daza was one of the former critics of the MIF but now he has apparently changed tunes.

According to Daza, the current bill is a “much better version” of the measure.

He said, “I would like to commend the sponsors, and the leadership in listening to the inputs, not just from this representation and other colleagues but also from the public and the stakeholders. So, thank you for that. I feel like this is now a much, much better version and I think it’s something that I can support. The answers were very clear and addressed. I think many of my concerns, in fact, I think the public’s concern.”

As of now, the MIF will get its start-up money from a mix of public funds and dividends from the Bangko Sentral ng Pilipinas.

Monday, Senate President Juan Miguel Zubiri told reporters that the Senate will wait for the final version of the bill from the House before starting any debates on the topic.

Aquilino PimentelBenjamin Dioknobongbong marcosJuan Miguel ZubiriMaharlika FundMIFpaul daza

Written by Charles Teves

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