First year of Marcos presidency was wasted, says Hontiveros
MANILA, Philippines — Citing the time and political capital consumed to enact the Maharlika Investment Fund (MIF) bill into law, Senator Risa Hontiveros on Tuesday said the first year of Bongbong Marcos’ presidency was wasted.
“With the time lost and political capital used up in promulgating the Maharlika Fund, especially since [Finance Secretary] Diokno and the President [Marcos] still insist that Government Service Insurance System and Social Security System funds should still collaborate with Maharlika — Diokno failed in his mission of using the mandate of the Administration to pursue tax and fiscal reforms and to keep the National Treasury well-funded. The first year of this Marcos Presidency was wasted,” said Hontiveros in a statement.
The lawmaker, in the same breath, stood her ground and stated that the priority measure was unnecessary.
“The Philippines does not need the Maharlika law. The national budget will be the first victim of the Maharlika Fund,” she added in a mix of English and Filipino.
Last month, Hontiveros stated that MIF was not what the country needed at the moment. She then vowed to wait for the law’s Implementing Rules and Regulations (IRR), to ensure that the prohibitions secured during the plenary deliberations are not lost.
The Department of Finance on Tuesday said the MIF Act’s IRR is “currently underway” and will be finalized by September 2023.