MANILA, Philippines — Budget Secretary Amenah Pangandaman is optimistic that the bill containing the proposed Maharlika Investment Fund (MIF), the country’s sovereign wealth fund, will be approved by a bicameral conference committee and ratified by Congress within the remaining session days.
During the Department of Budget and Management (DBM) roundtable discussion with INQUIRER.net and Philippine Daily Inquirer reporters on Monday, Pangandaman said that they believe the MIF bill can be approved in the Senate so that the bicameral conference committee can convene by Tuesday or Wednesday.
The Senate is still deliberating its version of the MIF, while the House version passed it last December 2022 — before Congress adjourned the session for the holiday season.
“We are hoping that the period of interpellation will be closed today, will be terminated today, and the amendments will also come today. So hopefully because we only have I think […] mag-close na ‘yong session (the session would close) on Thursday, Friday,” Pangandaman said.
“So hopefully ‘pag natapos po today, we’ll have the bicam by Tuesday or Wednesday and have it ratified by Thursday,” she added.
(So hopefully, if we can finish it today, we’ll have the bicameral conference committee discussion by Tuesday or Wednesday and have it ratified by Thursday.)
Pangandaman’s statement was made before the Senate failed to advance the period of amendments concerning the MIF bill. Despite discussions that prolonged until early Tuesday morning, Minority Floor Leader and Senator Koko Pimentel have not yet ended the period of interpellations.
Pimentel’s move was overturned after the motion to end the period of interpellations was backed by 11 senators.
READ: Senators clash over move to end interpellations on Maharlika bill
The Senate still has a chance to approve the bill given that President Ferdinand Marcos Jr. has certified it as urgent, which means it no longer has to go through the three session days required before a proposal is approved on the third reading.
However, several senators — including no less than Senator Imee Marcos, the President’s sister — maintained that the bill must not be rushed.
More safeguards
Pangandaman also assured the public that the Senate’s version of the MIF, which may likely be the working draft for the bicameral conference committee, has a lot of safeguards against possible abuse.
One of the main issues raised against the MIF is that it might suffer a fate similar to other sovereign wealth funds exposed to corruption and failed investments.
However, the DBM chief said that this version of the Maharlika fund might be more acceptable to more people.
“Hindi po, actually ang major change no’n from the first one they filed is the pension, wala na po ‘yon, and then there’s much more safeguards now that they have provided. So I think mas ano na siya, it will be more acceptable to everyone,” Pangandaman said.
(No, actually, the major change from the first version is the pension, which is already not included, and there are many more safeguards now provided. So I think it would be more acceptable to everyone.)
“In the Senate, they had three committee hearings, three technical working groups, and then two weeks na ‘yong interpellations sa floor, so I think we’ve exhausted all our, their time and effort in making sure that the law that we’re going to pass is something (acceptable),” she explained.
She also said the funding sources are the Land Bank of the Philippines, the Development Bank of the Philippines, privatization proceeds, the Philippine Amusement and Gaming Corporation, and Bangko Sentral ng Pilipinas dividends.
“Napakadami (There are many safeguards): we have an audit committee, there’s an advisory board, and there’s a Congressional oversight committee, it adheres to the internationally-known Santiago principles, may COA (Commission on Audit) rin siya, may procurement law din po siya, so I think we have enough safeguards,” she explained.
READ: Maharlika bill in Senate still allows SSS, GSIS investments