Pimentel vows to buck Maharlika bill: No reason for PH to put up fund
MANILA, Philippines — Mark his word: Senate Minority Leader Aquilino “Koko” Pimentel III will oppose the controversial Maharlika Investment Fund (MIF) bill, especially now that the proposal is up for debate on the Senate floor.
A week ago, Senator Mark Villar — the leading proponent of the proposed MIF in the upper chamber — sponsored a revised version of the bill at the Senate plenary.
But Pimentel on Monday stood firm in his position to buck the bill.
“I will vote against it. I see no justification for the Philippines to put up [an investment fund],” he said over ABS-CBN News’ Headstart.
Article continues after this advertisementThe legislator called for the public to be conscious about the push for the MIF, noting that it will be getting investible funds from other government financial institutions, but at the same time, be given the power to borrow money.
Article continues after this advertisement“The best of the best daw ang ilalagay diyan para mag-invest invest daw and yet, nilagyan pa rin ng kapangyarihan para humiram ng pera. So anong ibig sabihin na ‘to?” he questioned.
(They said the best of the best will be placed there to invest and invest, and yet, we’re still giving them the power to borrow money? What does that mean?)
Pimentel also pointed out that the MIF was never mentioned during the campaign period for the 2022 polls – not even in the first State of the Nation Address of President Ferdinand Marcos Jr. nor in the debates and documents concerning the medium-term fiscal framework.
He raised doubts about how the MIF idea came together “out of nowhere” and against the backdrop of a global investment climate that is “not at its best.”
“And then, in the initial proposal, it was a very badly-written bill na akala mo tuloy parang merong mga personal motive (that would make you think there’s a personal motive) and yet, we’re trying to save it? We’re trying to save an idea, which we do not even know where it came from, and then, there’s no justification for it at all,” Pimentel further said.
The bill, according to Pimentel, will undergo extensive and substantive scrutiny once further discussed by the Senate upon the resumption of session after the Holy Week break.
Marcos had previously certified as urgent the MIF bill, which he claimed to be his brainchild.
In the House of Representatives, the bill was filed by Marcos’ son and cousin, Ilocos Norte Rep. Sandro Marcos and Speaker Ferdinand Martin Romualdez.
The lower chamber swiftly passed the proposed measure in only 17 days. But it was later tweaked to attract foreign investors, according to Albay 2nd District Rep. Joey Salceda.
The Makabayan bloc has since filed in the Supreme Court a petition seeking to nullify and declare as unconstitutional Marcos’ certification of the proposed measure as urgent.
They also asked the high court to establish guidelines for the use of the Chief Executive’s certification “to ensure that this presidential power is exercised in accordance with the Constitution’s intent and spirit.”
When the bill was then elevated to the upper house, Senate President Juan Miguel Zubiri assured the public that while it is a priority measure of the administration, it will not be rushed to allow more time for scrutiny and amendments.
The proposed law was barraged with criticisms from senators and stakeholders when it was discussed in a string of hearings by the Senate committee on banks, financial institutions and currencies, which Villar heads.
