President Ferdinand Marcos, Jr. on Thursday certified the proposed Maharlika Investment Fund (MIF) bill or House Bill 6608 as an urgent measure.
The President’s message was read during the House' plenary session, a development that came just a few minutes after the House approved House Bill 6608 on second reading via voice vote.
The certification allows Congress to approve the measure on second and third reading on the same day.
Earlier in the day, Finance Secretary Benjamin Diokno said he has asked President Marcos to certify the MIF bill as urgent.
House Bill 6608 contained various amendments, including those proposed by House Deputy Minority Leader France Castro which hikes the allocation of MIF profits to social welfare and state subsidies to the poor to 25% from 20%.
The MIF bill seeks to maximize investible funds of state-run financial institutions for higher return on investments, ultimately hiking public funds for nation building.
The MIF will be mainly funded by the investible funds of the Landbank of the Philippines (LBP) at P50 billion, Development Bank of the Philippines (DBP) with P25 billion, the dividends/profits of the Bangko Sentral ng Pilipinas.
The bill has at least 275 authors so far at the House of Representatives.
Based on the list released by the Office of the Speaker Martin Romualdez, his co-authors of the measure include the following:
- Manuel Jose Dalipe of Zamboanga City
- Stella Quimbo of Marikina
- Ferdinand Alexander Marcos
- Yedda Romualdez of Tingog party-list
- Jude Acidre of Tingog party-list
- Irwin Tieng of Manila
- Joey Salceda of Albay
- Camille Villar of Las Piñas
- Roberto Puno of Antipolo
- Inno Dy of Isabela
- Dong Gonzales of Pampanga
- Neptali Gonzales II of Mandaluyong
- Rex Gatchalian of Valenzuela city
- former President Gloria Macapagal-Arroyo, among others.
Senate Minority Leader Aquilino Pimentel III said the Filipino people are being set up for something that he does not know yet and he intends to find it out when the measure reaches the Senate.
“We are being set up for something. What that something is, I don’t know yet. We will try to find out when we interpellate on the Maharlika Fund bill. What is it that they really want to achieve with this measure? And why is this measure urgent at all?” he said.—AOL, GMA Integrated News