Office of the President receives Maharlika bill

President Ferdinand Marcos Jr. signs the renewal agreement of Malampaya Service Contract No. 38 at the President’s Hall in Malacanang on Monday, May 15, 2023.  (File photo by Yummie Dingding/ PPA POOL)

MANILA, Philippines — Maharlika bill is now with the Office of the President.

This information comes from Presidential Communications Office (PCO) Secretary Cheloy Garafil.

“Maharlika bill received yesterday by ODESLA (Office of the Deputy Executive Secretary for Legal Affairs),” she said in a message to reporters.

Asked when the President is expected to sign the measure, Garafil replied, “no date yet.”

The document now only needs the approval and signature of President Ferdinand “Bongbong” Marcos Jr. for it to become a law.

Department of Budget and Management secretary Amenah Pangandaman wants the measure signed before the Chief Executive delivers his second State of the Nation Address (Sona) on July 24.

“The idea is we want the President—the economic team—wants the President to sign it before the Sona,” said Pangandaman in an interview.

Senate President Miguel Zubiri had signed the enrolled version of the bill in June.

House Speaker Martin Romualdez signed the measure in July.

Marcos had certified the bill as urgent, enabling it to breeze through the legislative process in Congress.

Opposition lawmakers have expressed criticisms against the legislative piece.

They cited the risks that a government investment fund would bring.

Senate Minority Leader Aquilino “Koko” Pimentel had urged Marcos to veto the bill.

The legislator emphasized the measure is unconstitutional.

The senator also said government coffers have no surplus of wealth to fund investment ventures.

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