Senate President Juan Miguel “Migz” Zubiri on Thursday, May 25, expressed hopes that the House of Representatives would adopt the Senate version of the Maharlika Investment Fund (MIF) bill so that the two legislative chambers do not have go into a bicameral conference committee process.
“Hopefully the (Lower) House can adopt our version which we improved with more safeguards in place to avoid possible misuse,’’ Zubiri pointed out.
Replying to Senate reporters’ query on what would happen to the MIF bill next week, he said that the plan of the 24-member Senate is to approve the MIF bill next week before Congress goes into a sine die adjournment on June 2.
The pace of approving the MIF bill has been accelerated by Malacanang’s certification of the measure as “urgent.”
This certification does away with the three-day printing rule where the bill has to be printed for three days after approval on second reading.
“Yes, the plan is to approve it by second and third reading next week. We are accommodating the last few members who want to interpellate on Monday, then we can open the period of amendments immediately after,’’ Zubiri said.
“As a certified measure we can close and approve the bill on that same week,” he explained.
The measure, Senate Bill 2020, is being defended on the Senate floor by Senator Mark A. Villar, chairman of the Senate banks committee.
During the plenary session, Villar answered clarificatory questions from his colleagues, including queries if the Maharlika Investment Fund and the Maharlika Investment Corporation are indeed necessary, among others.
"When you look at it from a whole-of-nation approach, it is deemed that there is a need to prime the economy at this time, especially given that we are recovering from COVID-19,” the deputy majority leader said.
"Primarily, our source of funding is through debt and the Maharlika [Investment Fund] will allow us to fund it through equity giving us additional fiscal space and improving the overall economic condition of our country," Villar added.
Senator Francis ‘’Chiz’’ Escudero said that ‘’per Mark Villar, the DOF (Department of Finance), Bar (Bureau of Treasury) have a lot of amendments which still has to be introduced as committee amendments,.’’
‘’(We) will wait for clean copy,’’ he added.
Asked if the bill could be approved by Congress before its scheduled adjournment on Wednesday night, Escudero replied: ‘’Unless the House adopts the Senate version sans bicam (without the Senate and House of Representatives having to go into the bicameral conference committee process).’’
Senate Minority Leader Aquilino Pimentel III said he would interpellate Villar on Monday when he delivers his ‘’contra’’ speech.
He, nevertheless, stressed that he would vote ‘’No.’’
Based on Senate rules, a ‘’contra speech’’ is delivered before the period of amendments.
Earlier, Pimentel questioned the rush by the Senate majority bloc in rushing the MIF bill when there are other important bills on the Senate agenda.