Senate of the Philippines
MANILA, Philippines — The Senate began debating on the controversial Maharlika Investment Fund bills on Wednesday.
Senate Bill No. 1670 and House Bill No. 6608, measures seeking the fund’s creation, were discussed by the Senate committee on banks, financial institutions and currencies, which is chaired by Senator Mark Villar.
Villar, an ally of President Ferdinand “Bongbong” Marcos Jr., filed the Senate version of the bill.
The senator earlier said that the bill should be approved “for the achievement of the country’s economic goals.”
Among the sources of seed money for the Maharlika Investment Fund would be the Land Bank of the Philippines, the Development Bank of the Philippines, and the declared dividends of the Bangko Sentral ng Pilipinas.
The House of Representatives’ version of the bill has already hurdled the lower chamber in December last year.
Among the principal sponsors of the House Bill No. 6608 are the president’s son Ilocos Norte 1st District Representative Ferdinand Alexander “Sandro” Marcos and cousin House Speaker Martin Romualdez.
The chief executive has certified the Maharlika Investment Fund as urgent.