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Manila Bulletin devider Philippines devider National devider Cong LRay echoes gov't call for public to give MIF a chance

Cong LRay echoes gov't call for public to give MIF a chance

Published Dec 19, 2022 02:20 pm

Camarines Sur 2nd district Rep. LRay Villafuerte has joined the chorus of government officials--led by President Ferdinand "Bongbong" Marcos Jr. himself--who are asking Filipinos to give the proposed Maharlika Investment Fund (MIF) a chance.

Camarines Sur 2nd district Rep. LRay Villafuerte (Facebook)


“The President has said that it was his idea regarding the MIF, and that our people should give it a try and let the Congress come up with a bill acceptable to the people and with the proper safeguards,” said Villafuerte, majority leader of the powerful Commission on Appointments (CA).

Villafuerte made this remark during the recent Commission on Appointments (CA) confirmation hearing of National Economic and Development Authority (NEDA) Director-General Arsenio Balisacan.

“I support Malacañang’s wealth investment plan,” added the Bicolano.

Since then, the House of Representatives has approved on third and final reading House Bill (HB) No.6608 or the proposed MIF. If enacted, it will act as the Philippines' own sovereign wealth fund.

Villafuerte, president of the National Unity Party (NUP), is one of the over 280 co-authors of the MIF, which has been described as an "investment vehicle" that could potentially create a new revenue stream for the country.

Principally authored by House Speaker Martin Romualdez and other House leaders, HB No.6608 was given the chamber's final nod last Dec. 15.

Manila 5th district Rep. Irwin Tieng, chairman of the Committee on Banks and Financial Intermediaries that served as the mother committee of the sovereign wealth fund measure, had also previously asked the public to give the MIF a chance.

Initially filed last Nov. 28, the proposed MIF was controversial right out of the gate since it designated pension agencies Government Service Insurance System (GSIS) and Social Security System as contributors to its start up capital or seed money.

In the House-approved version of the measure, the MIF will no longer draw funds from the GSIS and SSS.

Villafuerte said after the CA hearing that President Marcos was spot on in asking the people to wait for the final version of the MIF Bill to be drawn up by the House and the Senate.

"Considering that the MIF will still go through refinements after HB No.6608 is transmitted to the Senate. At the Senate, it will again go through further tweaking before the final, consolidated measure is hammered out at the bicam (bicameral) negotiations before being ratified by both Houses and then submitted to Malacañang for the President’s signing into law," he explained.

Related Tags

Irwin Tieng chance Senate Ferdinand “Bongbong” Marcos jr. Ca mif 121922 maharlika SSS GSIS lray villafuerte
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