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Manila Bulletin devider Philippines devider National devider Senate will tackle Maharlika fund bill 'one step at a time'—Zubiri

Senate will tackle Maharlika fund bill 'one step at a time'—Zubiri

Published Jan 24, 2023 02:11 pm

The Senate will start with the House of Representatives' version of the controversial Maharlika Investment Fund (MIF) bill and will later propose perfecting amendments to it, Senate President Juan Miguel Zubiri said on Tuesday, January 24.

"We will consult with all sectors and lay the premise on why the fund is necessary and if it is, what are the proper safeguards to keep it away from corruption and mismanagement," Zubiri said.

"We will tackle this one step at a time but will not delay the process," he added.

Zubiri was reacting to a message of President Marcos to the Senate that it should examine the proposed provisions in the MIF bill carefully so that the end result is a law that is appropriate and acceptable.

He said over the weekend that a complementary bill filed by Senator Mark A. Villar, chairman of the Senate banks committee, is similar to the House version.

The Villar bill identified probable of sources of funds for the MIF.

Senate Minority Leader Aquilino Pimentel III said the President is right in instructing the Legislature to study the bill carefully, particularly the sourcing of funds.

"Pero kung wala talagang katwiran, dahilan, at puhunan para sa isang Sovereign Wealth Fund/Maharlika Fund ay mabuting Hindi nalang pilitin (If it is not right, not reasonable or there are no funds fore the Sovereign Wealth Fund/Maharlika Fund, don’t waste time)," Pimentel said.

"Concentrate na tayo sa food production at ang pagbaba ng inflation at presyo ng mga pangunahing pangangailangan ng mga Pilipino tulad ng pagkain, pabahay, at enerhiya (We should rather concentrate on food production and on reducing inflation and high prices of basic commodities such as food, housing and energy)," he stressed.

"Focus. Prioritize. Concentrate," he added.

Related Tags

Senate House of Representatives MAHARLIKA FUND migz zubiri
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