Sen. Francis Escudero
MANILA, Philippines — The new version of the Maharlika Investment Fund (MIF) bill has a better chance of passing through the Senate after undergoing revisions, according to Sen. Francis “Chiz” Escudero on Saturday.
Escudero said that the bill, SB 2020, is now “unrecognizable” from its original form, Senate Bill (SB) 1670.
Escudero wanted the new version of the proposal to have more safeguards.
“If you will compare SB 1670 and SB 2020, [they are] so far apart. It is now totally unrecognizable,” Escudero said.
The senator previously said the bill needed much improvement in its former iterations.
READ: Escudero says Senate, House versions of Maharlika Investment Fund bill won’t prosper
“As I stated from the beginning when we started to review the original bill filed by Senator Villar, we will provide a better version. I said then that the Senate counterpart will not be in the same shape, size, color or form because, as it was passed in the House [of Representatives], it clearly will not pass the Senate,” Escudero said.
Escudero pointed out that one of the major changes to the bill is allowing the Maharlika Investment Corporation (MIC) to issue bonds. SB 2020 will have a P500-billion authorized capital stocks comprised of the following:
- P375 billion worth of common stocks subscribed by the Philippine government
- P125 billion worth of preferred stocks subscribed by the national government and reputable private financial institutions and corporations “subject to certain conditions.”
Of the initial P125 billion worth of MIC common stocks to be subscribed by the national government, P75 billion shall be fully paid by two banks – the Land Bank of the Philippines (P50 billion) and by the Development Bank of the Philippines (P25 billion).
“I want to make sure that the bill from Senate will have the necessary safeguards and more importantly, puts the interest of the Filipino people first,” Escudero said.
Further revisions can still be made to the bill once interpellation begins in the Senate.