Congress adjourns sine die, Maharlika Investment Fund approved
The Senate adjourned sine die on Wednesday night, approving six laws, including the Maharlika Investment Fund which is the country's sovereign wealth fund.
This was announced by Senate President Juan Miguel Zubiri, who added that there is no need for the Upper House to ratify the Senate version as the House of Representatives adopted it.
The House also announced sine die adjournament, with a video message from President Ferdinand Marcos Jr calling the lawmakers partners in good governance.
Aside from the fund, the bills on condonation of unpaid loan amortization/interests for land reform beneficiaries, regional specialty hospitals and real estate tax amnesty program extension will sent to President Ferdinand Marcos Jr for his signature.
The House of Representatives earlier adopted Senate Bill No. 2020 or the Maharlika Investment Fund bill in a bicameral conference committee meeting earlier in the day.
The fund will be invested in a wide range of assets, including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, joint ventures, mergers and acquisitions, real estate and high-impact infrastructure projects, and projects that contribute to the attainment of sustainable development, the Department of Finance said.
The establishment of the MIF will provide the government with a long-term source of income that will support generations to come. It will also ease the burden on the national budget by providing additional funding for other priority projects of the government, the finance department added.
Zubiri considered the adoption of Senate version by the House of Representatives a victory after the upper chamber earlier this morning passed the measure with several amendments.
“For me, it is the triumph of the Senate, because we improved the House version tremendously and we thank the House for accepting the Senate version with all the safeguards,” Zubiri said in an interview after the bicam.
One of the significant amendments includes the absolute prohibition of state pension and insurance funds from contributing to the fund.
This means that the Government Service Insurance System (GSIS), Social Security System (SSS), Philippine Health Insurance Corp. (PhilHealth), Pag-IBIG Fund, Overseas Workers Welfare Administration (OWWA), and the Philippines Veterans Affairs Office (PVAO) cannot contribute to the sovereign wealth fund whether voluntary or compulsory.
The Senate version also imposes stiffer penalties against MIC members who are involved in the misuse of funds, graft, and corruption, which include fines of up to P5 million, imprisonment of six years, and perpetual disqualification from public office.
In a statement, Albay Rep. Joey Salceda, chairperson of the House Ways and Means Committee, said: “ “The House has decided to adopt the Senate version, so that the Executive can begin crafting the rules and regulations ? which no doubt will be as significant as the law itself. We expect the President to announce that he has signed it by SONA (state of the nation address).'' Jaspearl Tan/DMS
