Senate President Juan Miguel Zubiri said the Senate might begin deliberations on a bill creating the Maharlika Investment Fund (MIF) by February next year, noting that all bills passed by the House can only be referred to the Senate on Jan. 23-- READ:
by February next year, noting that all bills passed by the House can only be referred to the Senate on Jan. 23, 2023 after the recess.
Zubiri also emphasized that the speed of the passage of the MIF bill will depend on how the committee chairman, Senator Mark Villar, will shepherd the deliberations on the measure.“The speed of the passage of the measure is dependent on the ability of the chairman and the quality of work that is put in during the hearings and debates. That is how it is in the Senate and that’s how it’s always been in this institution,” he said.
The special panel is composed of Senators Juan Edgardo Angara , Alan Peter Cayetano , Sherwin Gatchalian , Grace Poe and Mark Villar . “This Maharlika wealth fund is premature, and a misplaced priority,” she said. “It will distract us.” Romualdez noted that such an increase came from a proposal of the opposition bloc in the House, although they later voted against the passage of HB 6608.Meanwhile, the Governance Commission for Government-owned and Controlled Corporations said the government financial institutions funding the MIF have sufficient capital strength to bankroll the sovereign wealth fund.
He said the national government is currently operating on deficit spending and has been borrowing to finance the deficit for several decades.
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