In a session on Wednesday, May 24, 2023, Senate secretary Renato Bantug Jr. read Marcos’ certification of Senate Bill 2020, or the Maharlika Investment Fund Bill, dated May 22, 2023, as urgent.
The bill is currently under the period of interpellations.
Senate President Juan Miguel Zubiri referred Marcos’ certification to the Senate Committee on Rules.
Marcos said in his certification that there is a “compelling need for a sustainable national investment fund as a new growth catalyst to accelerate the implementation of strategic and high-impact large infrastructure projects that will stimulate economic activity and development.”
Such certification will allow the swift passage of the bill. The Senate is now allowed to approve the bill on second and third reading on the same day instead of three days apart.
In December, Marcos certified the House of Representatives’ version of the Maharlika Fund Bill as urgent.
Voting 279-6, the measure was passed December 15, 17 days after it was filed.
It has earned the solid support of 90 percent or 282 out of the 312 members of the chamber who were officially named as co-authors of the measure.
Marcos said earlier that the MIF is part of the government’s effort to diversify the country’s financial portfolio as it will attract more investors.
The funds 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 sources of funds.
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. (SunStar Philippines)