Controversial Maharlika bill heads to Malacañang

bill creating the Maharlika Investment Fund, a proposal that has raised concerns that pension funds and other government money will be put at risk.

The STAR reported that the House of Representatives adopted the Senate’s version of the bill, which had initially included the Social Security Service and Government Service Insurance System as a source of funding.

This provision was voted off during a marathon session at the Senate that ran into early Wednesday, May 31.

With the House’s adoption of its version of the bill, there was no need for the Senate to do anything more—it approved the proposal on third and final reading in the wee hours of Wednesday—Senate President Juan Miguel Zubiri said.

The bill will now be sent to Malacañang for President Ferdinand “Bongbong” Marcos Jr.’s signature.

While the president has the power to veto bills, that is unlikely for Maharlika, which he has certified urgent in both chambers of Congress, which promptly passed the measures.

Marcos who has been promoting the proposed fund to potential investors abroad, said Wednesday