Senate must act freely on Makarlika Investment Fund bill - solon | Inquirer News

Senate must act freely on Makarlika Investment Fund bill – solon

By: - Reporter / @JMangaluzINQ
/ 09:18 PM January 13, 2023

After President Ferdinand Marcos Jr. said that he plans to soft launch the Maharlika investment fund (MIF) in the World Economic Forum (WEF), House Deputy Minority leader France Castro urged the Senate to practice its legislative independence. 

ACT Teachers Rep. France Castro. (FILE PHOTO)

MANILA, Philippines — After President Ferdinand Marcos Jr.’s recent announcement of a soft launch of the Maharlika Investment Fund (MIF) at the World Economic Forum (WEF), House Deputy Minority Leader France Castro called on the Senate to uphold its legislative autonomy.

The much-debated bill that proposed a sovereign wealth fund passed the House with an overwhelming majority, with only six legislators voting against it, including Castro.


READ: House passes Maharlika Investment Fund bill 


“We hope that the Senate would assert legislative independence and junk the Maharlika Investment Fund because this is not what the country needs now and in fact further endangers the resources we do have. What’s needed now are economic measures that would increase the salaries of workers and lower prices of goods and services, not a half baked investment fund that was hastily formulated so that the president can boast about it in Davos,” said Castro.

Castro also added that it puts both the House of Representatives and the Senate in a “bad light,” as if they are “mere rubber stamps” of the Malacañang, catering to the President’s wants.

“This is untimely and may seem deceitful to introduce and boast to  WEF the MIF. What would the Filipino people benefit from this?” she said.

In December 2022, Marcos certified the MIF bill as urgent, and a day later, the bill was approved at the House level. It is now set to undergo the legislative process on the Senate level.


Maharlika Bill breezes through House in 17 days  


House urged to scrutinize US-funded lab project in PH 

Marcos flawed priorities? Solon blasts hasty Maharlika fund ‘soft launch’ over solving low wages, inflation 

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