For the first time since lawmakers filed a bill seeking to create the controversial Maharlika Investment Fund two weeks ago, President Ferdinand Marcos Jr. broke his silence and publicly expressed support for the proposed sovereign wealth fund. READ:
Asked if the MIF would be “advantageous” for the Philippines, he said: “For sure. I would not have brought it up otherwise.”
Initially, the president was to chair the board that would manage the fund, but proponents of the bill also decided to replace the chief executive with the finance secretary. “Let’s not debate until we see the final form because we could be debating about provisions that will no longer exist. So let’s just wait for what the legislature will do,” he said.Senate Minority Leader Aquilino Pimentel III said the president’s comment supporting the MIF was a signal to his allies in Congress to back the measure.
Among others, the proposed Maharlika fund would have 20 percent of its profits allotted to social welfare projects, while imposing penalties on those who would violate the fund’s investment policies. The report was signed by Tieng, appropriations panel chair Rep. Elizaldy Co, and ways and means committee chair Rep. Joey Salceda.
He also assured the public that lawmakers were trying their best to include “all possible safeguards” into the bill, contrary to the claim of national scientist Raul Fabella that the measure was “beyond repair.”House Deputy Minority Leader Rep. Paul Daza said he was now inclined to support the Maharlika bill after the House leadership introduced improvements.However, Albay Rep. Edcel Lagman urged Romualdez to see to it that the measure would be thoroughly debated in the lower chamber.
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