Executive Secretary Lucas Bersamin | PHOTO: Voltaire F. Domingo/Senate PRIB
MANILA — Executive Secretary Lucas Bersamin on Tuesday expressed confidence that the law creating the Maharlika Investment Fund (MIF), Republic Act 11954, will pass scrutiny should its legality be questioned before the Supreme Court.
“We are not sure what questions will be raised to attack its constitutionality, but we are confident that with two branches of the government putting their heads together on this legislation, the Supreme Court will see through and approve or pass upon its judgment in favor (of Maharlika Investment Fund),” Bersamin said during an interview with CNN’s The Source.
Bersamin added that he personally attended the hearings in the Senate when senators were deliberating on the MIF.
“I was privy to some deliberations during the Senate part of the legislative process and we were aware that they (senators opposing the MIF) were very, very thorough in the discussions,” Bersamin said.
According to Bersamin, he was also present during the plenary discussion on the MIF.
“In fact, our presence there was for several hours, and when the voting came, I just had myself excused but many Cabinet officials were left there, so we have no doubt about the accuracy of what was going to be the enrolled bill,” he said.
Bersamin added that he reviewed the enrolled bill when it was sent to Malacañang. “That is part of our tough work,” he added.
Bersamin said Malacañang was made aware of the certain faults and deficiencies of the MIF, but that he does not see any issue on the 10- to 20-year prescriptive period as a potential problem of the MIF law.
The Fund is intended as a vehicle for profitable and strategic investments in key sectors. The government expects the MIF to become an instrument to accelerate the implementation of 194 infrastructure projects approved by the National Economic and Development Authority (NEDA).
During the signing of the MIF bill in Malacañang, Marcos allayed fears that the wealth fund would be politicized or misused and maintained that it is needed to fund investments that would make the Philippines competitive in a post-pandemic global economy.
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