Senate President Juan Miguel Zubiri expects that the invoice establishing the Maharlika Investment Fund (MIF) can be handed by the higher chamber on ultimate studying after Holy Week.
“Tingin ko mga after Holy Week na ‘yan for second and third reading approval and of course, discussion [at the] bicameral conference committee kasi marami pa tayong ite-take up,” Zubiri stated on Saturday.
Both homes of Congress are set to renew classes on Monday and adjourn once more on March 24 or earlier than Holy Week.
Sessions will resume on May 8 and run till June 2.
Before they take their break on March 24, Zubiri stated he sees the passage of the MIF invoice on the committee degree.
He additionally recommended the fast conduct of hearings on the invoice, which was licensed as an pressing measure by President Ferdinand “Bongbong” Marcos Jr.
Zubiri stated Senate banks, monetary intermediaries, and currencies chairman Mark Villar already filed a counterpart invoice final week, however the latter has but to verify it.
“I hope that, at the soonest possible time, magtawag na po siya ng committee hearing para pagdiskusyunan na po natin ito na mga miyembro ng Senado. So the ball is in his court siya po ang chairman ng committee on banks and financial Institution,” he stated.
“Kasama naman niya palagi si Presidente kapag umikot sa abroad, sa mga presidential trips and visits at pinag-uusapan nila ang Maharlika Fund. So I think…he is well-versed on the need for the Maharlika Fund,” he added.
According to Zubiri, Villar’s invoice is an identical to the model handed by the House of Representatives.
Asked concerning the newest amendments to the House model, Zubiri stated that something is feasible within the legislative course of.
He stated they’re amenable to the adjustments made by the decrease home however warned that there is perhaps repercussions.
Meanwhile, Zubiri stated the Senate can’t snub the President’s push for a sovereign wealth fund after the chief government promoted the proposed MIF on the not too long ago concluded World Economic Forum in Davos, Switzerland.
However, safeguards have to be put in place to stop corruption, in keeping with the Senate chief.
“Alam mo naman pag hiningi po ng Pangulo ‘yan, hindi naman maganda na iisnub natin ang Pangulo. We cannot snub him. Maganda naman ang kanyang adhikain, maganda naman ang adhikain ng panukalang ito, importante lang na lagyan lang natin ng safeguards para hindi maging prone to corruption or corruption issues. We have to make sure that safeguards are in place,” he stated.
“Ang importante dito at ang puno’t dulo nitong panukalang ito ay mapalago o mapaganda niya ang ekonomiya ng ating bansa through development programs, through development projects…So we are strongly, I will not say supportive, but we strongly support the move to discuss as soon as possible para nang sa ganun makagawa kami ng desisyon,” he added.
Senate Minority Leader Aquilino “Koko” Pimentel III expressed his continued opposition to the creation of the MIF, saying the frequent revisions to the invoice for the sovereign wealth fund confirmed that the administration and the lawmakers pushing for it didn’t conduct sufficient analysis.
The newest improvement prompted Pimentel to query who proposed the creation of a sovereign wealth fund for the Philippines.
“This is not mentioned in the [State of the Nation Address] and is not on the list of [Legislative Executive Development Advisory Council] priorities. Hence, the question is: Where is this coming from? Who thought about this? Capitalists who have diminished incomes because of the slowdown in the world economy?” he requested.
Marcos stated on Friday he had no hand within the revision of the House-approved model of the MIF invoice.
He additionally assured business executives in Switzerland that the MIF can be run “professionally and properly.” —VBL, GMA Integrated News
