Senate Minority Leader Aquilino “Koko” Pimentel III on Friday urged President Ferdinand “Bongbong” Marcos Jr. to veto the proposed Maharlika Investment Fund, saying it “is not acceptable” in its present type.
In a press assertion, Pimentel mentioned the proposed measure needs to be returned to Congress for rectification.
“The bill, in its current form, is not acceptable. I am calling on the President to exercise his veto power and return the measure to Congress,” Pimentel mentioned.
“It is in the best interest of the Filipino people and the administration if the measure is sent back to Congress, so we will have the chance to take a second look at the measure in order to address the concerns raised by many sectors.”
Pimentel said the “flaws” in the measure are “penalties of haste” as he branded the MIF as an “ill-conceived” legislation.
He said the MIF is “filled with opaque provisions, contradictions, ambiguities, and loopholes,” which both chambers of Congress have failed to address.
“By returning it to Congress, it should enable us to resolve conflicting provisions and add extra safeguards to guard the funds and foster transparency and accountability,” Pimentel said.
He warned that if not vetoed, the MIF “can’t stand up to the scrutiny of the Supreme Court.”
“The MIF may be challenged earlier than the courts and for these planning to do that, I’ll make myself out there as a supply of some information, info and arguments,” he said.
GMA News Online reached the Presidential Communications Office for comment regarding Pimentel’s call but it has yet to reply as of posting time.
The MIF seeks to establish a sovereign wealth fund by tapping state assets. During the bicameral conference committee meeting Wednesday, the House of Representatives adopted the Senate version of the bill.
Marcos earlier guaranteed that the national government has no intention of using state pension funds as “seed fund” for the MIF. —Anna Felicia Bajo/KBK, GMA Integrated News
Source: www.gmanetwork.com
