The bill seeking to create the Maharlika Investment Fund was passed by the Senate on Wednesday after major changes, giving it a bigger chance of developing into law.
The Maharlika Investment Fund is praised by its supporters as a chance for economic advancement in the Philippines but critics doubt it due to potential abuses and corruption.
There were 19 votes in favor, 1 against, and 1 in abstention for Senate Bill No. 2020.
The Marcos Jr. administration identified the Maharlika fund as a priority and requested Congress to approve it before the State of the Nation Address (SONA) in July.
Lawmakers assured that the controversial sovereign wealth fund will not be financed by pension or social security funds as that specific provision was removed in the first iteration of the Maharlika proposal.
During the amendments, the Senate agreed to the senators’ proposal that the following organizations should not be allowed to invest in the Maharlika fund: the Government Service Insurance System, the Social Security System, the Philippine Health Insurance Corp., the Home Development Mutual Fund, the Overseas Welfare Workers Association, and the Philippine Veterans Affairs Office.
Executive director at IBON Foundation, Sonny Africa, expressed displeasure with the lawmakers who passed the bill.
“Proponents can’t even be clear on what the mandate of the Fund really is and confusingly say that it ranges from promoting socio-economic development to getting the best financial returns on its investments,” Africa said.
“The proponents not being able to find it in themselves to deliberate on the proposal rationally does not give confidence that the Fund will not be vulnerable to misuse, corruption, and undue influence,” Africa added.
References: Philstar.com, Rappler
Comentarios