Minority bloc vows to stop Senate passage of Maharlika bill

Senate Minority Leader Aquilino “Koko” Pimentel III (Photo by Senate PRIB)

MANILA, Philippines — Senate Minority Leader Aquilino “Koko” Pimentel III on Saturday said the minority bloc will do everything to prevent the passage of the Senate bill seeking to establish the controversial Maharlika Investment Fund.

“We will do everything in the minority to prevent its passage,” Pimentel said in a DWIZ radio interview.

Pimentel said he and Senator Risa Hontiveros will interpellate to scrutinize the Maharlika bill, emphasizing that it will cause harm rather than provide benefits.

“Senator Risa Hontiveros and I plan to interpellate, they should grant us that. And my request to the majority is to allow me to summarize, I will summarize all our observations and findings regarding the Maharlika issue so that we can deliver a counter-speech,” he said.

“This Maharlika? It’s truly a very bad idea and it won’t bring any benefits to us, only harm. Harm, not benefits,” he said.

This comes as Senate President Juan Miguel Zubiri said the upper chamber’s leadership will push for the passage of the proposed law creating the MIF before Congress adjourns on June 2, provided both chambers agree to skip deliberations in the bicameral conference committee.

President Ferdinand “Bongbong” Marcos Jr., in a letter to Zubiri dated May 22, certified Senate Bill 2020, the proposed MIF bill, as a high priority.

The Marcos administration wants to put up the country’s first sovereign wealth fund to generate earnings that can finance more infrastructure projects and other social programs and eventually promote economic development for future generations.