Proposed Maharlika fund just needs the President’s signature to become a law
Members of the House of Represesntatives gathered for a group picture on Wednesday, March 23, 2023, as they adjourned their session for the Holy Week break. (File photo from the House Fabebook page)
MANILA, Philippines — Only President Ferdinand Marcos Jr.’s signature is needed for the bill containing the Maharlika Investment Fund (MIF) to become a law, as the House of Representatives has adopted the Senate’s version of the proposal.
As the House of Representatives during its plenary session on Wednesday adopted Senate Bill No. 2020, this meant that both the House and the Senate no longer need to ratify a bicameral conference committee report.
The bill would then be sent to the President’s desk for his signature.
During the bicameral hearing earlier, House committee on banks and financial intermediaries chairperson and Manila 5th District Rep. Irwin Tieng said the House panel accepts the Senate version of the bill.
“On behalf of the Congress panel, we accept the Senate version in principle. Subject to style,” Tieng said.
With the House’ approval of the Senate version, this means the proposed Maharlika Investment Fund would still exclude income from the Social Security System, Government Service Insurance System, Philippine Health Insurance Corp., Home Development Mutual Fund, Overseas Workers Welfare Administration, and Philippine Veterans Affairs Office as funding sources.
The House approved on third reading its version of the MIF bill last December, after it was certified by Marcos as urgent.
A similar certification also allowed the Senate to do away with the requirement of three-session days before a bill passed on second reading is deliberated on third reading.
Senate bill number 2020 was approved on third reading on early Wednesday morning.
In his certification letter addressed to the Senate, Marcos said global inflation, economic consequences of the Ukraine-Russia conflict, and continuing interest rate hikes across the globe were “compelling” grounds to mark the MIF bill – which he once said was his brainchild – as a high priority.
