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Manila Bulletin devider Philippines devider National devider Amid questions on Maharlika's legality, Romualdez says fund underwent 'due legislative processes'

Amid questions on Maharlika's legality, Romualdez says fund underwent 'due legislative processes'

Published Oct 4, 2023 04:23 am

At A Glance

  • House Speaker Martin Romualdez reiterated Wednesday, Oct. 4 that the Maharlika Investment Fund (MIF) Act of 2023 went through the proper legislative processes. 

IMG-92bcd9603bd6a5ede46c835bd0424512-V.jpgHouse Speaker Martin Romualdez (Contributed photo)

House Speaker Martin Romualdez reiterated Wednesday, Oct. 4 that the Maharlika Investment Fund (MIF) Act of 2023 went through the proper legislative processes.

"We have followed due legislative processes in crafting and enacting this law, keeping in mind the best interests of the Filipino people," Romualdez said in a statement, referring to Republic Act (RA) No.11954.

The Lakas-Christian Muslim Democrats (Lakas-CMD) president made this remark after the filing of petitions against the legality of the MIF before the Supreme Court (SC).

"We respect the Supreme Court's directive for the Executive and Legislative branches of government to provide their response concerning [RA No.11954]...The concerns raised by the petitioners deserve to be addressed comprehensively," Romualdez, Leyte's 1st district representative, said.

The MIF is essentially the country’s first sovereign wealth fund.

"The House of Representatives, under my leadership as the Speaker, affirms its commitment to the rule of law and will duly submit our comment within the ten-day timeframe," the Speaker said.

"It is crucial to underscore that the creation of the Maharlika Investment Fund aims to provide the country with a mechanism for financial stability and economic growth.

"It is important for the public to know that our intent was always to ensure transparency, accountability, and financial prudence in the management of public funds. We will thoroughly review the petition's claims to ensure the Fund's integrity and our adherence to the Constitution," he further said.

"Our nation's prosperity and welfare are at the forefront of our legislative agenda, and we remain open to any constructive dialogue that would further our shared goal of uplifting the lives of Filipinos," concluded Romualdez, who was the prime mover of the MIF in the House.

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