Speaker Martin Romualdez —photo from Martin Romualdez FB page
The House of Representatives on Wednesday reassured the people it followed legislative processes in crafting the Maharlika Investment Fund (MIF), that’s why it will thoroughly address issues raised by a petition challenging the fund.
Speaker Martin Romualdez said the House will submit its comment on the petition questioning the constitutionality of Republic Act No. 11954, or the 2023 MIF Act, in ten days.
“We have followed due legislative processes in crafting and enacting this law, keeping in mind the best interests of the Filipino people,” he said on Wednesday.
Romualdez added the lower chamber respected the Supreme Court’s directive to Congress and the executive branch to respond to the petition filed by former and present lawmakers.
He said the House is committed to the rule of law and “will duly submit its comment within the ten-day timeframe.”
Even as he defended the lower chamber’s processes in deliberating and passing RA 11954, he assured the “concerns raised by the petitioners deserved to be addressed comprehensively.”
“It is important for the public to know that our intent was always to ensure transparency, accountability and financial prudence in the management of public funds. We will thoroughly review the petition’s claims to ensure the Fund’s integrity and our adherence to the Constitution,” Romualdez said.
He made the remarks after the high court told the executive and legislative branches of the government to respond to the petition filed by Senate Minority Leader Aquilino Pimentel III and ex-Bayan Muna Reps. Neri Colmenares, Carlos Isagani Zarate and Ferdinand Gaite.
They called the MIF Act a “dangerous law” as it will entrust billions of pesos in public funds to unknown fund managers.
The petition challenged the constitutionality of the MIF and asked the high court to issue a temporary restraining order, preliminary injunction or status quo ante order to immediately stop the implementation of RA 11954.
Signed into law last July, RA 11954 created the MIF, a sovereign wealth fund with a seed capital of P150 billion, which will be managed by the Maharlika Investment Corp.