The Batasang Pambansa facade (Photo from the Facebook account of the House of Representatives)
MANILA, Philippines — There have been several versions to the bill seeking to create a Maharlika Investment Fund (MIF) since it was filed, and the latest version, House Bill No. 6608, was not spared from it.
Before the proposed measure was approved on second reading during the House of Representatives’ session on Thursday, several amendments were suggested, primarily by opposition lawmakers, in an effort to place more teeth to penal provisions and safeguards of the bill.
However, most of their suggestions were turned down by the bill’s sponsors and the Majority, with most lawmakers also voting against it via viva voce. One suggestion from Alliance of Concerned Teachers Rep. France Castro in particular, which calls for life imprisonment for Maharlika Investment Corporation (MIC) officials who would engage in malicious investments, was turned down.
“On page 16, lines 21-23: let the penalties be increased, amending the provision starting line 21 to read as follows: ‘[…] shall be punished by life imprisonment with perpetual absolute disqualification from holding any public office, or by a fine of not less than One million pesos, but not more than Ten million pesos or both, at the discretion of the court,” Castro said.
“And let a new paragraph be inserted: ‘Any prosecution under this Section shall be without prejudice to the filing of cases under Republic Act 7080 or the Plunder Law, Republic Act 3019 or the Anti-Graft and Corrupt Practices Act, Republic Act 386 or the Revised Penal Code, and other laws applicable to plunder, the acquisition of ill-gotten wealth, and similar acts and omissions’,” she added.
However, House Committee on ways and means chair and Albay 2nd District Rep. Joey Salceda said that they have already studied the bill intently and the penalties prescribed — imprisonment of one year to five years and/ or a fine ranging from P50,000 to P2 million — were proportional.
“We have studied this proposal very studiously, and the principle of proportionality compels us to not accept your honor,” Salceda said.
“Mr. Speaker the Majority also does not agree, and reject the proposed amendment,” Deputy Majority Leader and Isabela 1st District Rep. Tonypet Albano added.
But in terms of Castro’s proposal to put 30 percent of the MIF’s net profits to the provision of social aid to poor Filipino families, Salceda and the Majority struck a compromise of giving 25 percent, up from their initial request of lowering it to just 20 percent.
“If only the sponsor can change 30 (percent) to 20 (percent) we will accept the amendment,” Salceda said. “The reason being your Honor is that if we make it 30 (percent), nothing will be left of the fund, so wala na hong palalaguin, wala na hong ibibigay na ayuda.”
“Mr. Speaker, if the proponents would accept the middle ground that I will propose, can we have it (at) 25 percent?” Castro asked, leading to chuckles from both sides.
“Your Honor, we accept, 25 (percent),” Salceda replied back, after the session was suspended briefly to let the lawmakers discuss the issue.
Another amendment that was accepted was the barring of government-owned and controlled corporations tasked with providing pension of workers — like the Government Service Insurance Corporation (GSIS) and Social Security System (SSS) from contributing into the MIF.
On the other hand, here are some other amendments that were not accepted by the proponents and the Majority:
- Removal of sentence “Other GFIs and government-owned or -controlled corporations may be authorized to contribute to the MIF, subject to their respective investment and risk management strategies” under Section 11, Capitalization and Funding
- Removal of entire paragraph giving the MIC to compromise, release, and settle claims of liabilities of investing entities (only condonation was removed
- Insertion of phrase “Upon such determination,” insert the phrase “and pursuant to the power of the purse of Congress, the Secretary shall submit any proposal for the increase in annual contributions to Congress for its approval, and thereafter…”
After the period of amendments, the bill was passed on second reading via viva voce. It was later on revealed that President Ferdinand Marcos Jr. has certified the bill as urgent, allowing the House to pass it on third reading.
READ: Marcos Jr. certifies as urgent Maharlika Investment Fund bill
In a press conference earlier, Castro warned that the bill could be approved on Thursday if Marcos certifies the bill as urgent. She previously said that certifying the bill as urgent is not necessary, as the proposed MIF would not address rising prices of goods, low salaries, and other economic problems.
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