Maharlika Investment Fund may be tackled in 2nd reading within December — Dalipe

Zamboanga City 2nd District Rep. Manuel Jose Dalipe.
From the Facebook post of Zamboanga City Rep. Jose Manuel Dalipe.

MANILA, Philippines — The proposed Maharlika Investment Fund (MIF) may be tackled by the plenary in second reading within December, House of Representatives Majority Floor Leader and Zamboanga City 2nd District Rep. Manuel Jose Dalipe said on Wednesday.

Dalipe, in an ambush interview with House reporters, said that they do not have a definite timeline as of now, but he estimates that it would reach the second reading within the said month.

This means the proposed sovereign wealth fund (SWF), contained under House Bill (HB) No. 6398 authored by House Speaker and Leyte 1st District Rep. Ferdinand Martin Romualdez and other lawmakers, would hurdle the committee level and would be deliberated at the plenary.

According to the House’s calendar, the last day of Session this year — before Congress goes on a break — would be December 16.

“We don’t have a definite timeline, but my estimate, probably second reading by this December, hanggang doon lang (up to that period only),” Dalipe said.

As to whether it would be approved on the third reading within December, Dalipe said he is not sure.

“That I cannot say […] In so far as the Committee of Rules is concerned, aabot siya ng second reading ngayong December (it would reach second reading this December).

HB No. 6398 seeks to create a SWF or a pooled fund that would be used by the proposed Maharlika Investment Corporation (MIC) to invest into ventures foreign and local.  It would tap into funds of government-owned and controlled corporations like the Government Service Insurance System (GSIS) and the Social Security System (SSS).

READ: Romualdez, other solons call for Maharlika Investment Fund for gov’t investment 

GSIS is expected to give at least P125 billion, while SSS would contribute P50 billion, respectively.  Other funding sources are the Land Bank of the Philippines (P50 billion) the Development Bank of the Philippines (P25 billion), and the national budget or the General Appropriations Act (P25 billion).

However, minority lawmakers and critics of the administration frowned at the proposal because this meant the government would use the premiums or monthly contributions of workers in the government (GSIS) and the private sector (SSS).  They fear that once investments do not provide high returns, the benefits payments of pensioners would be affected.

READ: Minority solons question need for sovereign wealth fund

READ: Teachers’ group opposes, vows to block Maharlika Investment Fund bill

Marikina 2nd District Rep. Stella Quimbo and Ilocos Norte 1st District Rep. Ferdinand Alexander Marcos, who are proponents of the bill, said there are safeguards against losing funds.  Marcos added that the House is not railroading the bill.

READ: Sandro Marcos defends proposed Maharlika Investment Fund: It’s not a new idea 

READ: Let technocrats run Maharlika wealth fund to avert politics – Sandro Marcos 

/MUF