OSG ready to defend Maharlika fund’s validity in SC — Guevarra
MANILA, Philippines — Despite the suspension of Maharlika Investment Fund’s (MIF) implementation, government lawyers are preparing to defend its legality before the Supreme Court (SC).
“If the implementation is indeed suspended, it’s up to the petitioners if they wish to withdraw the petition. But if they don’t, and the SC does not suspend the proceedings either, the OSG [Office of the Solicitor General] will be prepared to submit its comment on the validity of the MIF Law,” Solicitor General Menardo Guevarra told reporters Wednesday.
In a memorandum dated Oct. 12 issued by Executive Secretary Lucas Bersamin, the Bureau of Treasury, the Land Bank of the Philippines, and the Development Bank of the Philippines (DBP) were directed to suspend the implementation of the MIF Law’s IRR upon order of the President.
READ: Marcos suspends Maharlika fund implementation
The petition against the MIF Law was filed by Sen. Aquilino “Koko” Pimentel III, former congressman and Bayan Muna Chairman Neri Javier Colmenares, and former Bayan Muna Congressmen Carlos Isagani Zarate and Ferdinand Gaite.
READ: Supreme Court asked to declare Maharlika fund unconstitutional
Republic Act 11954, or the law creating the Maharlika Investment Fund, is the country’s first sovereign wealth fund. It will be managed by the Maharlika Investment Corporation (MIC), which has a seed capital of P150 billion.
The petitioners cited three grounds to declare the law as unconstitutional:
- It was passed in violation of Section 26 (2) Article VI of the Constitution, requiring that it passes three readings on separate days unless an immediate enactment is needed due to calamity or emergency;
- The test of economic viability as required by the Constitution was not complied with, and
- It violated the independence of the Bangko Sentral ng Pilipinas.
The SC has asked the Executive and the Legislative branches of government to respond to the petition.
Guevarra said they have not received the notice from the Supreme Court.
“But we have been preparing our comment since the court’s resolution appeared [on] the SC website,” Guevarra said.
READ: Keep watchful eye on Maharlika fund
