President Marcos said the “secret to the success” of the proposed Maharlika Investment Fund was an incorruptible, independent and competent management group that would ensure that billions of pesos of the people’s money would not be lost.
On Wednesday, Senate President Juan Miguel Zubiri signed the “corrected” version of the bill at the Philippine Embassy in Washington, DC where he was on an official visit.
According to him, it was important that the MIF be operated “as an independent fund” that would be “well managed professionally.” “And so, one of the elements that makes that happen is that there is a very clear independence from the day-to-day government function,” he said. Villar heads the Senate committee on banks, financial institutions, and currencies, and he is also the bill’s main sponsor.
“Today marks a sad day for the 108th Senate, which has stood strong for over a century as the guardian of our Constitution and the rule of law,” said Pimentel, a former Senate President. Pimentel was dismayed by the majority senators’ “tyranny of numbers” that “does what it wants to do, railroading and bulldozing all legal concepts and regulations out of the way.”
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