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Manila Bulletin devider Philippines devider National devider Read between the lines: PBBM prodding Senate to act on MIF, says Libanan

Read between the lines: PBBM prodding Senate to act on MIF, says Libanan

Published May 8, 2023 05:03 am
House Minority Leader and 4Ps Party-list Rep. Marcelino Libanan (Ellson Quismorio/ MANILA BULLETIN)



As far as House Minority Leader and 4Ps Party-list Rep. Marcelino Libanan is concerned, President Ferdinand "Bongbong" Marcos Jr. has sent a "message" to the Senate to prioritize the passage of the Maharlika Investment Fund (MIF). This, after House Speaker Martin Romualdez announced on Sunday, May 7 that Marcos had included the proposed MIF under the bills in Legislative-Executive Development Advisory Council (LEDAC) list, making it a priority measure of the administration. "Sa tingin ko po ay tama po yun (I think that is correct)," Libanan said Monday morning, May 8 when asked in a chance interview if he thought the designation of MIF under LEDAC was Marcos' way of telling senators to act on it. Libanan noted that the House of Representatives--without hearing any instruction from the Palace--deliberated on and approved their version of the MIF back in December 2022. "Sa ngayon, ipinaabot na sa kanila, na talagang importante po ito. Lalo na ngayon na nasa panahon tayo para makabangon sa nagdaang krisis nung nagdaang Covid-19 (As of now, the senator have been told that this is very important. Especially now that we are at a time when we can rise from the erstwhile Covid-19 pandemic)," the Minority leader said. Libanan was obviously referring to the World Health Organization's (WHO) decision last May 5 to lift the public health emergency of international concern (PHEIC) declaration in connection with Covid. Pointing to the MIF, Libanan said: "Napaka importante po nito sa ating bansa kaya naman prinayoritize natin ito sa Kongreso. Sana madeliberate ito kaagad at madesisyunan ng Senado (We prioritized this in the House because it is very important to our country. Hopefully the Senare deliberates and decides on it quickly)." Libanan was interviewed on the sidelines of Monday’s flag-raising ceremony with House employees. During his speech, the veteran congressman couldn't help but show gamesmanship toward the senators. "Drafting legislation is both science and an art; it is not easy. Thus, the House of Representatives admittedly are able to work faster than our counterparts in the upper House of the Philippine Congress," he said. The proposed MIF, which will serve as the Philippine sovereign wealth fund, is in the committee deliberation phase in the Senate. Described as a "vehicle for investments", the MIF seeks to create a new revenue stream for the country by tapping investible funds for investments either here and abroad. The profits from these investments will be used to bankroll big ticket projects. The proposed law lists the Land Bank of the Philippines (LBP), Development Bank of the Philippines (DBP), Philippine Gaming and Amusement Corp. (Pagcor), and Bangko Sentral ng Pilipinas (BSP) as contributors to the MIF seed money.

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marcelino libanan 4PS Party-list Senate of the Philippines Maharlika Investment Fund (MIF)
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