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Manila Bulletin devider Philippines devider Pimentel to vote against MIF bill

Pimentel to vote against MIF bill

Published Mar 28, 2023 04:15 am
Senate Minority Leader Aquilino "Koko" Pimentel III said he would vote against the Maharlika Investment Fund (MIF) bill because it has no justification at all. He questioned why the bill abandoned the sovereign fund concept of MIF to compete with the investible funds of other government financial institutions. And the corporate arm of the MIF, to be known as the Maharlika Investment Corporation (MIC), is given the power to borrow, he added. Under the bill, portions of the investible funds of the Land Bank of the Philippines (LBP), Development Bank of the Philippines (DBP), the national government and other government agencies will go to the MIC. Pimentel, a former Senate President, said the investment climate the world over is not in the best situation. He said the sovereign wealth fund was not mentioned during the political campaign, in the Medium-Term Fiscal Framework, or during the State of the Nation Address of President Ferdinand "Bongbong" R. Marcos Jr. It was also not discussed in the Legisiative Executive Development Authority Council (LEDAC) meeting, he added. "Where did this come from?" he asked. Pimentel, a bar topnotcher, noted that the initial proposal to create the MIF was badly written. The MIF bill was filed in the House of Representatives by House Speaker Martin Romualdez and presidential son Ilocos Norte Rep. Sandro Marcos. The House-approved bill was eventually transmitted to the Senate Senators Rafael "Raffy" Tulfo and Mark Villar had filed a complementary bill. "When we return, we will have a substantive debate,’’ Pimentell said. Both the Senate and the House of Representatives are on recess starting last March 24. They will resume session on May 8.



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