INQUIRER FILE PHOTO
MANILA, Philippines — The controversial House Bill (HB) No. 6608 which contains the proposed Maharlika Investment Fund (MIF) was approved on second reading on Thursday, despite stiff opposition from some members of the Minority bloc.
During Thursday’s session, the House of Representatives approved the bill on second reading via viva voce.
With the approval, the House only needs three more session days to pass the bill on third reading. However, since the Congress is set to go on a recess for the holidays, the earliest that the MIF bill would be approved is by January 25.
Before the bill was passed on second reading, there have been several criticisms hurled at the proposal, as many lawmakers feel that is not the right time for the country to have a sovereign wealth fund (SWF).
Several lawmakers said that the timing of the MIF is questionable because the country currently has no surplus fund, while having a huge debt and a budget deficit.
The bill also got public backlash after the original version of it — HB No. 6398 — included P125 Government Service Insurance System (GSIS), P50 billion from Social Security System (SSS), and P25 billion from the national budget into the starting fund of the MIF.
READ: Castro: GSIS, SSS fund may still be in the mix for Maharlika fund after public fury wanes
READ: GSIS and SSS may still invest in Maharlika fund if their boards will allow – lawmaker
While some have lauded the changes made over the course of the deliberations, opposition lawmakers still insist that the MIF must be opposed because it opens possible pathways for corruption.