Senator Francis Escudero answers media questions at the Senate in Pasay City on Wednesday, February 1, 2023. Photo by Daniza Fernandez
MANILA, Philippines — Sen. Francis Escudero said that the current Senate and House versions of the proposed Maharlika Investment Fund law are not up to par and need further modifications before they can pass in the upper chamber.
In an interview at the Senate on Wednesday, Escudero revealed that if the voting on the bill were to happen now, he would cast a negative vote.
“Hindi papasa sa Senado, sa paniniwala ko, sa bersyon na kasalukuyan nating nakikita na pinasa at nanggaling sa kamara,” Escudero said after the hearing of the Senate committee on banks, financial institutions and currencies.
(The current bill that we are seeing and the one that came from the House will not be approved in the Senate, in my opinion.)
The Senate panel deliberated on Senate Bill No. 1670 and House Bill No. 6608, measures seeking the establishment of the Maharlika Investment Fund.
For Escudero, there is a “big chance” that the Senate version will be different from the House bill, which already hurdled the lower chamber in December last year.
“Malaki ang pag-asang hindi pareho, malayo ang pagkakaiba, at ‘yun ang tanging pag-asa sa tingin ko para makapasa ‘yan dito,” he said.
(There is a big chance that it will be different, vastly different, and that will be the only hope that it can be passed here in the Senate.)
Escudero said that there are several loopholes in the bills such as obliging the Landbank of the Philippines and the Development Bank of the Philippines (DBP) to contribute to the fund.
“Pinag-uusapan agad nila ang net earnings ng gobyerno na ibibigay sa social welfare projects, na i-invest sa iba’t ibang proyekto ng pamahalaan. Pero walang sinasabi ni ha, ni ho kung magkano ba ang mapupunta sa DBP at Landbank sa perang nilagak nila ru’n,” he explained.
(They are already talking about the government’s net earnings that will be given to social welfare projects or will be invested in other government projects. But, they did not mention what the Landbank or DBP will receive in return.)
Senator Mark Villar, chairperson of the Senate committee on banks, financial institutions and currencies, filed Senate Bill No. 1670.
House Bill No. 6608, on the other hand, was sponsored by Ilocos Norte 1st District Representative Ferdinand Alexander “Sandro” Marcos and House Speaker Martin Romualdez.
President Ferdinand Marcos Jr. earlier certified the House’s Maharlika Investment Fund as urgent.