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03 Maharlika Investment Fund bill ‘hastily’ OK’d by House
ETHAN NIVERA
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The House of Representatives approved House Bill 6608, widely known as the Maharlika Investment Fund (MIF), which has been certified “urgent” by President Ferdinand Marcos Jr. himself, on Thursday, December 15.
The bill, on its third and final hearing, received 279 yes votes, 6 no votes, and 0 abstentions. The lawmakers who voted against the measure were Gabriel Bordado (Camarines Sur, 3rd District), Raoul Manuel (Kabataan party-list), Edcel Lagman (Albay, 1st District), Mujiv Hataman (Basilan), France Castro (ACT Teachers party-list), and Arlene Brosas (Gabriela party-list).
The Senate must still pass a counterpart bill before the measure becomes a law.
President Ferdinand Marcos Jr., in a letter to House Speaker Martin Romualdez, claimed the fund would be strategic for strengthening investment activities in top performing government financial institutions and pump-prime economic growth and social development.
Finance Secretary Benjamin Diokno said the MIF should be an independent entity, managed and administered by the Maharlika Investment Corp. (MIC).
“The MIF and the MIC comply with the ‘Santiago’ Principles, which pertain to the set of generally accepted principles and practices voluntarily endorsed by the International Forum of SWF (sovereign wealth fund) members,” Diokno stated.
Albay Second District Rep. and Chair of the fund’s Technical Working Group Joey Salceda thanked the house for the consideration of the MIF, and said the “debate does not end here.”
PHOTO SOURCE | MANILA BULLETIN
MIF: President Marcos Jr. speaks about the justification of the creation of the wealth fund before his departure to Brussels, Belgium, December 11.
According to the measure, a total of ₱75 billion would be provided by the Landbank of the Philippines and the Development Bank of the Philippines (DPB). Additionally, the profits of the Bangko Sentral ng Pilipinas (BSP), which is estimated by the bill’s authors to be around ₱35 billion, will also be of use.
Originally, the bill envisioned a ₱275 billion fund, mostly sourced by the country’s Social Security System (SSS) and Government Service Insurance System (GSIS), however, due to public opposition, the idea was scrapped.
In total, it took only 17 days for the House to deliberate on the said bill, which received heavy criticism from lawmakers and the public alike. [R]
Marcos signs ₱5-trillion 2023 nat’l budget
ETHAN NIVERA
President Ferdinand Marcos Jr. signed the 2023 General Appropriations Act (GAA) in a ceremony in Malacañang Palace, Friday, December 16.
The 2023 GAA, which allots ₱5.268 trillion for the country’s national budget this year, is 4.9% higher, or ₱244.4 billion higher than 2022’s national budget, which was ₱5.023 trillion.
Marcos, in his speech during the signing of the bill, emphasized the importance of the quick passage of the bill, saying it’s proof that the bill “is supported by our legislature.”
“And to see the rapidity of the passage is significant because it means that this budget, the roadmap that we have proposed from the Executive, is fully supported by our legislature. And that is very, very important indeed,” Marcos said.
The President also claimed that the GAA will serve as the government’s tool in transforming the country’s economy and in helping the Philippines “move forward.”
“It is always very important that the GAA has been put together in consonance with all of the plans of the Executive. And that kind of coordination and that kind of synergy that we will gain from that is going to be an essential part of the way that we move forward,” Marcos stated.
House Speaker Martin Romualdez also stated that the newly signed law will assist the administration in improving the economy by sustaining growth, generating economic activities and jobs, and increasing the income of Filipinos.
“It is the most important and potent tool the President, his economic team, and the entire government can use to accomplish the goals of the prosperity roadmap,” Romualdez claimed.
The signing of this year’s budget is the fastest and earliest date that a national budget has been signed in history so far.
“As far as I can remember, the 2023 budget is one of the few spending bills signed into law in mid-December, way before the start of its implementation on New Year’s Day,” Romualdez added. [R]
