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'Let it not be a big mistake': Binay says MIF bill left more questions unanswered
Philippines
National
'Let it not be a big mistake': Binay says MIF bill left more questions unanswered
'Let it not be a big mistake': Binay says MIF bill left more questions unanswered
Published Jun 1, 2023 09:05 am
Senator Maria Lourdes Nancy Binay on Thursday, June 1 expressed grave concerns over Congress’ approval of the controversial Maharlika Investment Fund (MIF) bill, saying she hopes its passage into law won’t drag the whole country down into the great “unknown.”
Senator Nancy Binay (Senate PRIB Photo)
Binay was one of the senators who abstained from voting on the bill. Nineteen (19) senators voted in favor of the bill. Sen. Risa Hontiveros voted in the negative; Senate minority leader Aquilino “Koko” Pimentel III, Sen. Francis “Chiz” Escudero, and presidential sister Sen. Maria Josefa Imelda “Imee” Marcos were also absent during the voting. All three senators also warned against rushing the passage of the measure.
“In the past four months that the draft bill of the Maharlika Investment Fund Act was deliberated in the Senate, I had the chance to listen and ask questions to the arguments presented,” Binay said in a statement, explaining why she chose to abstain from the voting.
“After weeks of deliberations on the floor—in spite of the heavy amendments introduced and the rigid safeguards proposed by my colleagues and I in the draft bill—there were more questions left hanging than answers,” she pointed out.
Binay said that while she understands the need for the government to come up with “something different to jolt and jumpstart our economy,” she cannot agree to it at this point. “And I, likewise, see the need to create fresh income sources to generate long-term economic growth and create jobs for our people—I just cannot turn a blind eye on development and say 'No',” she said. “On the other hand—although the final bill has undergone many amendments up to the last hour of the deliberations—the content still lacks balance. I found no compelling reason either to say 'Yes,' the MIF is a better medicine for the country, or deny the fact that the risks are far greater than its claimed benefits,” she said.
But the measure itself, Senate Bill No. 2020, the version adopted by both the Senate and the House of Representatives, lacks sufficient safeguards. “Sinuri po natin at tinimbang—ngunit sadyang kulang (We checked and weighed—but it was just not enough),” she said.
“Kapos ito sa mga batayang dapat magsusulong sa interes ng taumbayan, at magbibigay proteksyon sa pondo na dapat pangalagaan ( It lacks the basics that should promote the interest of the people, and provide protection to the fund that should be preserved),” she reiterated. Personally, BInay said she had so many concerns about the MIF not falling within the necessary operational safety nets and parameters.
“We don't want the 'Big IF' in the Maharlika Fund be dragged onto the big unknown. As elected public servants, our prime duty is to set the highest premium in safeguarding the interest of the people we serve,” she said.
“For all these reasons, I decided to abstain while hoping that the MIF will live up to its claim as a tool for economic development. Let not the MIF be a big mistake,” the lawmaker emphasized.
In a separate statement, Hontiveros said that while she is happy that the public has been heard and pension and social welfare funds are protected from the reach of the MIF, she still believes that the passage of a sovereign wealth fund is untimely.
“I maintain that the fund is not what we need now, and I will certainly support any action to raise this to the Supreme Court (SC),” Hontiveros said.
“According to Section 16, Article XII of the 1987 Constitution, GOCCs (Government-Owned or -Controlled Corporations)must pass the test of economic viability and our economic experts have raised plenty of arguments that cast doubt on whether the MWF has passed or even be subjected to this test,” she said.
Hontiveros said she will wait for the state economic managers to release the copy of the implementing rules and regulations on the MIF Act.
“I will be waiting for the IRR and will be watching intently to ensure that the prohibitions we put in place and the wins we were able to secure during the plenary deliberations are not lost,” she said.
“Pension funds are absolutely prohibited from investing in Maharlika, whether mandatorily or voluntarily, whether seed fund or subsequent investment. Malinaw sa batas (That is clear in the law),” Hontiveros stressed.
Senator Nancy Binay (Senate PRIB Photo)
Binay was one of the senators who abstained from voting on the bill. Nineteen (19) senators voted in favor of the bill. Sen. Risa Hontiveros voted in the negative; Senate minority leader Aquilino “Koko” Pimentel III, Sen. Francis “Chiz” Escudero, and presidential sister Sen. Maria Josefa Imelda “Imee” Marcos were also absent during the voting. All three senators also warned against rushing the passage of the measure.
“In the past four months that the draft bill of the Maharlika Investment Fund Act was deliberated in the Senate, I had the chance to listen and ask questions to the arguments presented,” Binay said in a statement, explaining why she chose to abstain from the voting.
“After weeks of deliberations on the floor—in spite of the heavy amendments introduced and the rigid safeguards proposed by my colleagues and I in the draft bill—there were more questions left hanging than answers,” she pointed out.
Binay said that while she understands the need for the government to come up with “something different to jolt and jumpstart our economy,” she cannot agree to it at this point. “And I, likewise, see the need to create fresh income sources to generate long-term economic growth and create jobs for our people—I just cannot turn a blind eye on development and say 'No',” she said. “On the other hand—although the final bill has undergone many amendments up to the last hour of the deliberations—the content still lacks balance. I found no compelling reason either to say 'Yes,' the MIF is a better medicine for the country, or deny the fact that the risks are far greater than its claimed benefits,” she said.
But the measure itself, Senate Bill No. 2020, the version adopted by both the Senate and the House of Representatives, lacks sufficient safeguards. “Sinuri po natin at tinimbang—ngunit sadyang kulang (We checked and weighed—but it was just not enough),” she said.
“Kapos ito sa mga batayang dapat magsusulong sa interes ng taumbayan, at magbibigay proteksyon sa pondo na dapat pangalagaan ( It lacks the basics that should promote the interest of the people, and provide protection to the fund that should be preserved),” she reiterated. Personally, BInay said she had so many concerns about the MIF not falling within the necessary operational safety nets and parameters.
“We don't want the 'Big IF' in the Maharlika Fund be dragged onto the big unknown. As elected public servants, our prime duty is to set the highest premium in safeguarding the interest of the people we serve,” she said.
“For all these reasons, I decided to abstain while hoping that the MIF will live up to its claim as a tool for economic development. Let not the MIF be a big mistake,” the lawmaker emphasized.
In a separate statement, Hontiveros said that while she is happy that the public has been heard and pension and social welfare funds are protected from the reach of the MIF, she still believes that the passage of a sovereign wealth fund is untimely.
“I maintain that the fund is not what we need now, and I will certainly support any action to raise this to the Supreme Court (SC),” Hontiveros said.
“According to Section 16, Article XII of the 1987 Constitution, GOCCs (Government-Owned or -Controlled Corporations)must pass the test of economic viability and our economic experts have raised plenty of arguments that cast doubt on whether the MWF has passed or even be subjected to this test,” she said.
Hontiveros said she will wait for the state economic managers to release the copy of the implementing rules and regulations on the MIF Act.
“I will be waiting for the IRR and will be watching intently to ensure that the prohibitions we put in place and the wins we were able to secure during the plenary deliberations are not lost,” she said.
“Pension funds are absolutely prohibited from investing in Maharlika, whether mandatorily or voluntarily, whether seed fund or subsequent investment. Malinaw sa batas (That is clear in the law),” Hontiveros stressed.