Independent minority solon, Albay 1st district Rep. Edcel Lagman says that the proposed P275-billion Maharlika Wealth Fund (MWF) shouldn't be "fast-tracked" by legislators.
This, as Liberal Party (LP) stalwart noted Tuesday, Dec. 6 the "overwhelming issues" hounding the proposed Philippine sovereign wealth fund.
"I join Senior Deputy Majority Leader Sandro Marcos in effectively urging that the Maharlika Sovereign Wealth Fund bill should not be fast-tracked. The Maharlika proposal must pass the furnace of exhaustive legislative debates and searching scrutiny," Lagman said.
"Fast-tracking for 'records' breaking objectives will be counterproductive as errors and pitfalls are bound to infest a statute which is enacted with ordinate alacrity," the Bicolano said.
Marcos, presidential son and Ilocos Norte's 1st district congressman, was asked to comment Monday on allegations that House Bill (HB) No.6398 or the proposed MWF Act was being "railroaded" or fast-tracked.
“It wasn’t railroaded, it goes through a process...First reading, committee, committee report, second reading, third reading. That’s the process. So kapag dumaan sa proseso (So if it went through the process), how is it railroaded?” Marcos answered.
HB No.6398 is being eyed for second reading on Wednesday, Dec. 7, at least according to Committee on Banks and Financial Intermediaries Vice Chairman and Albay 2nd district Rep. Joey Salceda.
Salceda led the technical working group (TWG) that inserted key amendments to the original bill.
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"Overwhelming issues beset the Maharlika proposals like its fiscal propriety, economic timeliness, legal constraints, protection of pensioners’ and depositors’ benefits, excessive emoluments and allowances of officials, precipitate investments, tax exemptions, and magnet for corruption," enumerated Lagman, an administration critic.
"These issues must be totally ventilated not only in the Congress but also in extensive consultations with the affected public and the concerned multi-sectoral groups," he underscored.
Marcos is one of the authors of the HB No.6398, which was filed only last Nov. 28.