House Speaker Martin Romualdez was upbeat Friday, Dec. 30 over the apparent openness of the Senate to the proposed Maharlika Investment Fund (MIF), which the lower chamber had already passed.
“I have no doubt that our senators share our vision and purpose in advocating this fund, which aims to sustain our economic growth so we could generate more job and income opportunities for our people,” Romualdez said in a statement.
“I have no doubt that our senators share our vision and purpose in advocating this fund, which aims to sustain our economic growth so we could generate more job and income opportunities for our people,” added the Leyte 1st district congressman.
Embodied in House Bill (HB) No.6608, the proposed MIF will serve as the country’s very own sovereign wealth fund.
A pool of investible funds from select government financial institutions (GFIs), the MIF will be invested to generate profits for big-ticket government projects. It will essentially create a new revenue stream for the country.
The bill was approved on third and final reading by the 300-strong House of Representatives last Dec. 15, during the last session day of 2022. Both the House and Senate are currently on a five-week holiday recess.
On Thursday, Senate President Juan Miguel "Migz" Zubiri said the MIF was among the priority measures that they intend to tackle come 2023. This was welcomed by Romualdez.
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“Together, the Senate and the House, along with the executive branch, can pave the way for more investments in our country through the MIF,” said the House Speaker, who was among the main authors of HB No.6608.
While the measure breezed from filing to passage in the House--taking only 18 days--pundits expect it to have a harder time in the 24-member Senate.
A counterpart bill to HB No.6608 has yet to be filed by the senators.