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Manila Bulletin devider Philippines devider National devider Salceda explains why House went with Senate's MIF

Salceda explains why House went with Senate's MIF

Published May 31, 2023 08:34 am
Albay 2nd district Rep. Joey Salceda (Rep. Salceda's office)


The House of Representatives decided to adopt the Senate's version of the Maharlika Investment Fund (MIF) Bill in a bid to hasten the crafting of its implementing rules and regulations (IRR). Albay 2nd district Rep. Joey Salceda, chairman of the House Committee on Ways and Means, gave this justification on Wednesday afternoon, May 31 shortly after the Bicameral Conference Committee hearing on the contentious measure was ended. "The [MIF] is the first but it does not have to be the last sovereign wealth fund (SWF) that the government can create. The House has decided to adopt the Senate version, so that the Executive can begin crafting the rules and regulations – which no doubt will be as significant as the law itself," said Salceda, who took part in the bicam on the side of the House. "We expect the President to announce that he has signed it by SONA (State of the Nation Address)," he added. Handpicked House members and senators held a bicam meeting on the disagreeing provisions of their respective versions of the MIF Bill on Wednesday morning at the Manila Golf and Country Club in Makati City. In the end, Manila 5th district Rep. Irwin Tieng, chairman of the Committee on Banks and Financial Intermediaries, announced that the House was "accepting" the Senate's MIF "in principle and subject to style". Tieng headed the House contingent to the bicam. Highlighting a controversial talking point of the measure, Salceda said: "As promised, the MIF will not touch the funds of the SSS (Social Security System), GSIS (Government Service Insurance System), PhilHealth, or HDMF (Home Development Mutual Fund)." "We are thankful for the Senate for retaining most of the accountability and transparency safeguards established by the House," noted the Bicolano. The Senate's MIF Bill was approved on third and final reading before dawn Wednesday during its marathon session. The House version, on the other hand, was passed back on Dec. 15, 2022.
"I congratulate House Speaker Ferdinand Martin Romualdez, Chairman Irwin Tieng, and our Senate counterparts. I will continue to offer what I can by way of prior experience and subject matter expertise in the drafting of the IRR," Salceda further said. The House is expected to ratify the MIF during plenary session Wednesday, which is the last day of the first regular session.

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bicameral conference committee Maharlika Investment fund joey salceda
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