Over 75% of House solons want to co-pen Maharlika fund bill– Romualdez

Speaker Ferdinand Martin Romualdez

MANILA, Philippines — In a show of overwhelming support, over 75 percent of lawmakers in the House of Representatives said they were going to co-author House Bill (HB) No. 6608, a proposal to create the Maharlika Investment Fund (MIF).

According to a statement from the office of Speaker Ferdinand Martin Romualdez, as of 1:00 p.m. Wednesday, 246 of the 312 current members of the House have pledged their support for the bill.

Romualdez, currently in Belgium for the Asean-EU Commemorative Summit, was told by Majority Floor Leader and Zamboanga City 2nd District Rep. Manuel Jose Dalipe that around 250 House members are backing the bill.

“The Majority Floor Leader (Manuel Jose Dalipe) told me that we had over 220 [co-authors], and I think by the time I get back baka umabot na ng (it might reach) 250. So there will be over two-thirds of the House who will be co-authoring because there have been exhaustive briefings,” Romualdez said in an interview with reporters in Belgium.

“As of 1 p.m. Wednesday, the official records in the House showed that the total number of lawmakers who signified their intention to be co-authors of House Bill (HB) No. 6608 seeking to establish the MIF has ballooned to 246,” Romualdez’ office said.

To pass a bill in the third reading, a measure needs to get a majority vote or more than half of the lawmakers present; and in case a bill is vetoed by the president, it would need a two-thirds vote from both chambers of Congress.

The 250 number already surpasses the numbers needed for both circumstances.

It was also reported that Romualdez would have preferred HB No. 6608 be certified as urgent by Marcos, but the former is leaving that decision to the President.

“Well, that’s up to him (President Marcos),” Romualdez said.

“If you ask me why don’t we just certify it as urgent so if you go to Davos we can just talk about having a sovereign wealth passed through the House of Representatives, and that will be a very, very exciting thing,” he also said.

READ: Romualdez wants Marcos to certify Maharlika Investment Fund bill as urgent

During last Monday’s session, House Committee on banks and financial intermediaries chairperson and Manila 5th District Rep. Irwin Tieng sponsored before the plenary HB No. 6608, which contained several amendments to the original HB No. 6398 filed by Romualdez, Dalipe, Marcos’ son and Ilocos Norte 1st District Rep. Ferdinand Alexander Marcos, Marikina 2nd District Rep. Stella Quimbo, and Tingog party-list Reps. Yedda Marie Romualdez and Jude Acidre.

Among the amendments made is the removal of the P125 billion Government Service Insurance System (GSIS) and P50 billion Social Security System (SSS) funds originally meant to bankroll the MIF.  This was after people pointed out the risks of using GSIS and SSS members’ contributions as investment funds.

Other amendments were made to the composition of the board and the removal of specific exclusions to the GOCC Governance Act of 2011 and Philippine Competition Act — prompting Deputy Minority Floor Leader and Northern Samar 1st District Rep. Paul Daza to say that the latest bill is a much better version.

RELATED STORIES

Revised Maharlika Fund bill is much better version, minority solon says

Plenary debates for amended version of Maharlika Fund bill begin 

Proposed Maharlika Fund would no longer include SSS, GSIS funds — Quimbo 

/MUF/abc