Executive Secretary Lucas Bersamin is confident that the recently signed Maharlika Investment Fund (MIF) bill will pass the scrutiny of the Supreme Court if various groups decide to challenge its constitutionality there.
Executive Secretary Lucas Bersamin (Photo by KJ Rosales/PPA Pool)
Republic Act 11954, or the Maharlika Investment Fund (MIF) Act of 2023, was signed by President Ferdinand “Bongbong” Marcos Jr. on July 18 after its approval by Congress.
“We are not sure what questions will be raised to attack its constitutionality but we are confident that with two branches of government putting their heads together on this legislation, the Supreme Court will see through and approve or pass upon its judgement in favor (of MIF),” the official said during an interview with CNN’s “The Source” on Tuesday, July 25.
He gave assurance that senators nitpicked on the new law, which would create the country’s first sovereign wealth fund, since he even attended some of the hearings.
“I was privy to some deliberations during the Senate part of the legislative process and we were aware that they (senators opposing the MIF) were very, very thorough in the discussions,” Bersamin said, adding that he was even present during the plenary discussions.
“In fact, our presence there was for several hours and when the voting came, I just had myself excused but many Cabinet officials were left there so we have no doubt about the accuracy of what was going to be the enrolled bill.”
When the enrolled bill was sent to Malacañang, he disclosed that he reviewed the version. Bersamin was a former Supreme Court chief justice.
“That is part of our tough work,” he stressed.
While Malacañang is aware of the certain faults and deficiencies of the MIF, which Marcos certified as urgent, the Executive Secretary noted there was an issue on the 10- to 20-year prescriptive period.
He was referring to the eleventh-hour correction on the double provisions of the prescriptive period, which became a 10-year period for crimes in the final version.
The Maharlika Fund is expected to fuel economic growth in the country through some 194 infrastructure projects approved by the National Economic and Development Authority (NEDA).
Critics of the bill, however, continue to question the sources of the fund, including the possibility that pensioners’ fund could still be used in the future.