Palace says Congress committed to pass Maharlika bill, nine others by June 2
Plenary of the Batasang Pambansa in Quezon City. Photo by Noel CELIS / AFP
MANILA, Philippines — Malacañang on Monday disclosed that Congress has committed to passing 10 priority measures of the Marcos administration by June 2 this year, including the disputed proposal to establish the Maharlika Investment Fund.
The executive committee of the Legislative-Executive Development Advisory Council (Ledac) held a meeting on Monday to discuss the matter, according to the Presidential Communications Office (PCO).
The 10 bills:
- Proposed Build-Operate-Transfer (BOT) Law/Public-Private Partnership (PPP) bill
- Medical Reserve Corps
- Establishment of the Philippine Center for Disease Prevention and Control as well as the Creation of the Virology Institute of the Philippines
- Mandatory Reserve Officers Training Corps (ROTC) and National Service Training Program (NSTP)
- The Condonation of Unpaid Amortization and Interests of Loans of Agrarian Reform Beneficiaries (ARBs)
- Proposed Internet Transactions Act/E-Commerce Law;
- Maharlika bill
- Proposed Attrition law
- AFP Fixed Term
- Salt Industry Development Bill
Ledac offers advice and guidance to the President, and chair of the National Economic and Development Authority (Neda) Board, on a range of programs and policies that are key to achieving the objectives of the nation’s development agenda.
The meeting was presided over by Executive Secretary Lucas Bersamin at the Premier Guest House in Malacañan Palace, the PCO said.
Also present were Ledac members Senate President Juan Miguel Zubiri, House Speaker Martin Romualdez, and Socioeconomic Planning Secretary Arsenio M. Balisacan.
June 2 is sine die adjournment for the first regular session of the 19th Congress, the PCO said.
The Maharlika Investment Fund Act was passed by the House of Representatives in December last year.
Under the proposed law, an independent fund will be created, which will be sourced from the investible funds of select government financial institutions (GFIs), from contributions of the national government, declared dividends of the Bangko Sentral ng Pilipinas (BSP), and other funds sources.
The fund shall be used to invest on a strategic and commercial basis in a manner designed to promote fiscal stability for economic development and strengthen the top-performing GFIs through additional investment platforms that will help attain the national government’s priority plans.
The Senate is currently deliberating on its own version of the bill.
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