Senate President Juan Miguel Zubiri has signed the ultimate copy of the Maharlika Investment Fund (MIF) invoice on Wednesday.
The lawmaker signed the MIF invoice on the Philippine Embassy in Washington, the place he’s at the moment conducting an official go to to satisfy members of the United States Congress and authorities businesses.
According to Zubiri, Senate Secretary Renato Bantug Jr. introduced alongside a duplicate of the measure to Washington together with the Estate Tax Amnesty Extension invoice.
“The Maharlika bill is a priority measure, and the Estate Tax Amnesty Extension is very time-sensitive. Marami nang naghihintay sa mga bills na ito. Fortunately, the [bills] were already prepared by the time Secretary Bantug was set to join us in Washington,” Zubiri stated in a press release.
“He was able to bring them along with him, instead of letting them sit in the Senate waiting for my return, and I was able to sign them on Philippine soil, here in the embassy,” he added.
After Zubiri’s signing of the payments, the Senate president stated the Estate Tax Amnesty Extension Act shall be despatched to Malacanang whereas the MIF invoice shall be despatched to the House of Representatives for the signature of Speaker Ferdinand Martin Romualdez.
Asked how the Senate addressed the double provisions on the prescriptive interval within the MIF invoice, Zubiri stated: “I believe the corrections were thoroughly discussed by the majority bloc in our Viber group, including the correction sent by Senator Mark Villar.”
The Senate model of the invoice, which was finally adopted by the House of Representatives, included two sections on the prescriptive interval.
The draft invoice handed on the Senate ground offers a 10-year prescriptive interval for crimes punishable underneath the measure, whereas one other part in the identical invoice offers for a 20-year prescriptive interval.
Several senators, together with Senate Minority Leader Aquilino “Koko” Pimentel III, Senator Francis Escudero, and Senator Risa Hontiveros, assert that the invoice must be despatched again to the Senate plenary to ensure that lawmakers to repair the invoice.
The Senate authorised the MIF invoice on third and ultimate studying on May 31, 2023. The MIF seeks the creation of a sovereign wealth fund that the federal government can use to make investments.
A complete of 19 senators voted in favor of the invoice.
Among the main amendments launched to the measure was absolutely the prohibition of the usage of funds of the Government Service Insurance System (GSIS), Social Security System (SSS), Philippine Health Insurance (PhilHealth) Corporation, Pag-IBIG, Overseas Workers Welfare Administration (OWWA), Philippines Veterans Affairs Office (PVAO) within the capitalization and investments within the Maharlika fund.
Under the measure, an oversight panel composed of seven members every from the 2 chambers of Congress shall be shaped to supervise, monitor, and consider the implementation of the proposed regulation.
The measure was earlier licensed as pressing by President Ferdinand Marcos Jr.
The Marcos administration’s financial managers final week reaffirmed their help for the MIF, saying it might serve instead financing choice for the federal government ought to the Philippines grow to be an upper-middle earnings state. —VAL, GMA Integrated News
Source: www.gmanetwork.com
